In a move that’s bound to shake up the fashion industry, luxury conglomerate LVMH acquired a majority stake in Virgil Abloh’s Off-White.
Abloh, founder and CEO of the house, retains forty percent ownership and will keep his current position in the acquisition. The buzz around Off-White has been steadily increasing since its 2012 foundation. With high-profile collaborations with Nike, Ikea, and Jimmy Choo and a laundry list of celebrities who spend frequent front row at the shows, Off-White has become one of the hottest brands of the moment. Adding to Abloh’s high profile and his connection to LVMH is that he sits as creative director of Louis Vuitton menswear.
LVMH’s acquisition adds to a stunningly impressive portfolio. Off-White joins Louis Vuitton, Dior, Fendi, and Givenchy, among others. The future for this powerful partnership is bright. The two are looking to expand into other arenas like wine and spirits and hospitality. We imagine Abloh will be able to leverage LVMH’s influential partners and backing to create more freely. This new acquisition may launch Off-White into unexpected territory. Virgil has a clear affinity for streetwear that will likely continue but he also has been experimenting in the digital sphere, as he’s done for his last few collections with virtual runway shows and short films, and websites.
Although LVMH has acquire the majority of Off-White, it seems that Abloh is being tapped for a bigger role within the luxury conglomerate, one that allows him creative control over existing and future brands within the portfolio. “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,” Abloh shared about the new collaboration.
Virgil, famous for leaving his name in quotation marks on everything from shoes to gowns, will no doubt make his mark in this exciting endeavor.END
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createdAt:Tue, 20 Jul 2021 14:06:52 +0000
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