Virgil Abloh and French fashion house LVMH have announced a definitive agreement whereby LVMH will acquire a majority stake in Off-White LLC, trademark owner of Off-White. LVMH will own a 60 per cent interest in the trademark, and Abloh will retain a 40 per cent interest and continue as creative director of the clothing brand, which he founded in 2013.
Abloh’s partnership with LVMH began in March 2018 when he was appointed the artistic director of Louis Vuitton’s menswear collection. He will continue in that role at Louis Vuitton.
Additionally, LVMH and Abloh have agreed to another arrangement to join forces. It will leverage together the Group’s expertise to launch new brands and partner with existing ones in a variety of sectors beyond the realm of fashion. Initial discussions have already begun, they said in a joint press release.
Abloh, Bernard Arnault and LVMH are delighted to expand upon their relationship and begin this new chapter together.
“We are thrilled to expand our successful partnership with Virgil. We have already had the privilege of witnessing Virgil’s exceptional creativity and vision through his work with us at Louis Vuitton. We look forward to supporting Virgil and the team both in driving the growth of Off-White and in working together with Virgil to bring his unique sensibility to a broader range of luxury categories,” said Bernard Arnault, chairman and chief executive officer of LVMH.
“I’m incredibly excited to work together with LVMH on other possible collaborations – an evolution of the great relationship I have had with LVMH, Bernard Arnault, Michael Burke at Louis Vuitton, and others. I’m also honoured to use this partnership to deepen my longstanding commitment to expand opportunities for diverse individuals and foster greater equity and inclusion in the industries we serve,” said Abloh, chief creative director and founder of Off-White, and men’s artistic director at Louis Vuitton.
New Guards Group will remain an operating partner for Off-White through its licensing agreement with Off-White LLC.
The transaction is subject to regulatory approval and is expected to be completed within the next 60 days.
Fibre2Fashion News Desk (KD)