The designer Virgil Abloh and Lvmh have announced an agreement whereby Bernard Arnault’s group will acquire a majority stake in the Off-White group, owner of the homonymous brand. Following the acquisition, Lvmh will hold a 60% stake in the brand, while Abloh will retain a 40% stake and retain the position of creative director of the brand, which he founded in 2013.
Abloh’s partnership with Lvmh began in March 2018, when the American was appointed artistic director of the Louis Vuitton men’s collection, a role that will be retained. The operation is expected to be completed in 60 days, and comes the day after the agreement with which Arnault took over the majority stake in Etro, an Italian luxury fashion house.
“We are thrilled – commented Bernard Arnault, president and CEO of LVMH – to expand our successful partnership with Virgil. We have already had the privilege of witnessing his exceptional creativity and vision through his work with us at Louis Vuitton. We look forward to supporting him and his team in both driving Off-White’s growth and working together to bring his unique sensibility to a wider range of luxury categories. ”
“LVMH brings additional firepower and scalability – said Abloh instead – to accelerate our momentum and make Off-White evolve into a true multi-line luxury brand “. New Guards Group will remain an operating partner for Off-White️ through its licensed agreement with the group of the same name.