LVMH Takes Majority Stake In Virgil Abloh Streetwear Label Off-White
Faizan Hashmi Published July 20, 2021 | 02:04 PM
French luxury conglomerate LVMH said Tuesday it intends to take a majority stake in the luxury streetwear label Off-White created by Virgil Abloh, the first black American creative director of a top French fashion house
Paris, (APP - UrduPoint / Pakistan Point News - 20th Jul, 2021 ) :French luxury conglomerate LVMH said Tuesday it intends to take a majority stake in the luxury streetwear label Off-White created by Virgil Abloh, the first black American creative director of a top French fashion house.
LVMH will take a 60 percent stake in Off-White for an undisclosed sum, according to a statement.
Abloh will retain 40 percent and remain creative director for the men's collections of LVMH's Louis Vuitton fashion house.
The Italian group New Guards, which currently owns a majority of Off-White, will remain a partner to the brand via a licencing agreement after the deal, which is subject to regulatory approvals, is finalised.
The deal marks an expansion of Abloh's collaboration with LVMH, the world's top luxury group, and he said he envisaged potential partnerships with its non-fashion brands as well as starting new ones of his own.
"For nearly a decade, we've been building Off-White to be a brand designed to empower our generation and challenge the status quo," Abloh said in a statement.
"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," he added.
Abloh has addressed both environmental and social issues in his work with Louis Vuitton, with anti-racist and anti-homophobia messages at his January show in Paris.
He said he plans to use his partnership with LVMH "to expand opportunities for diverse individuals and foster greater equity and inclusion in the industries we serve".
Recent Stories
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
More Stories From World
-
Golf: PGA Zurich Classic of New Orleans scores
10 minutes ago -
Slot 'confident' of Liverpool job as 'negotiations' take place
6 hours ago -
Google parent Alphabet's Q1 profits beat estimates: company
6 hours ago -
WADA asks 'independent prosecutor' to examine Chinese swimmers case
6 hours ago -
New York court overturns Harvey Weinstein sex crime conviction
6 hours ago -
Bagnaia and Spanish rivals chase victory at Jerez
8 hours ago
-
Russian, Ukrainian strikes kill at least 10 in frontline regions
8 hours ago -
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
8 hours ago -
Tourism must change, mayor says as Venice launches entry fee
8 hours ago -
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leave after 20 years of ..
9 hours ago -
Putin says plans to visit China in May
9 hours ago -
US reinstates open internet rules rescinded under Trump
9 hours ago