LVMH has reached an agreement with designer Virgil Abloh, star of millennials and one of the few black designers to run a fashion house, to become the majority shareholder of its luxury streetwear brand Off-White, the group announced on Tuesday.
"
LVMH will own 60% of the brand and Mr. Abloh 40%
", specifies the global luxury giant, which also owns the houses Dior, Fendi or Givenchy.
The transaction is expected to be finalized within 60 days, after regulatory approval.
Read also: Dive into the world of Virgil Abloh, the artistic director of the Louis Vuitton man
The American designer was and will remain artistic director of men's collections for Louis Vuitton.
During Paris Fashion Week in January, he presented his collection for Louis Vuitton in the form of an anti-racist and anti-homophobic performance.
With this agreement, it extends its collaboration with the group, which is considering potential partnerships with other brands "
in different sectors, beyond that of fashion
" and the launch of new brands.
To read also: Farfetch and Off-White, the marriage that confuses the luxury planet
The Italian group New Guards, which until now held the majority of Off-White, will remain a partner of the brand through its licensing agreement. “
For nearly a decade, we've built Off-White as a responsible brand that grapples with the concerns of our generation to challenge the status quo. LVMH gives us the power and dimension to accelerate our momentum and make Off-White a true luxury brand with multiple categories and products,
”commented Virgil Abloh.