LVMH has become a majority shareholder in Off-White, with both LVMH and Virgil Abloh pledging to “jointly pursue” new initiatives across a wide range of luxury segments.
LVMH and Abloh signed a formal deal on Tuesday in which LVMH would buy a majority share in Off-White LLC, which owns the Off-White brand. According to a press statement, LVMH will possess a 60 percent stake in the trademark following the transaction. Meanwhile, Abloh will keep a 40% stake in the company and will continue to serve as its creative director. A move that doesn’t affect Abloh’s job as artistic director of Louis Vuitton’s menswear line.
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Speaking of their partnership, Abloh said in a statement on Tuesday morning:
“For nearly a decade, we’ve been building Off-White to be a brand designed to empower our generation and challenge the status quo. LVMH brings to the table the additional firepower and scale to accelerate our momentum and evolve Off-White into a truly multi-line luxury brand.”
LVMH and Abloh have also decided to “leverage together the Group’s expertise” by creating new businesses and collaborating with current ones in a variety of sectors “beyond the realm of fashion.” Early negotiations regarding such collaborations have already begun, as reported on Tuesday.
“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,” Abloh said. “I’m also honored 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. This is an incredible new platform to take the disruption we’ve achieved together to a whole new level.”
The recently announced acquisition is still awaiting regulatory approval, but it is anticipated to close in the coming months.
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