LVMH picks up majority stake in Virgil Abloh's Off White

LVMH and Virgil Abloh are all set to strengthen their bond for fresh beginnings, read on for the details!

Updated on Jul 21, 2021 02:33 PM IST  |  649.9K
LVMH picks up majority stake in Virgil Abloh's Off White
LVMH picks up majority stake in Virgil Abloh's Off White
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Good news galore for the American designer Virgil Abloh who founded the Italian luxury fashion label, Off-White. Thanks to LVMH (Mot Hennessy Louis Vuitton), the French luxury conglomerate announced to the public that it had successfully agreed with Virgil to purchase a large stake in his company. According to figures, LVMH will acquire up to a 60% stake in the trademark, while Virgil will hold a 40% stake and continue to serve as Creative Director of the Louis Vuitton men's category.

LVMH believes this will serve as an opportunity for them and Virgil to collaborate on a bigger and top-notch level as their knowledge and the latter’s artistic skills can aid in enhancing their current business by looking beyond fashion and look forward to establishing many more brands. 

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In a statement as per a publication, Virgil claimed that he is equally enthralled to have acquired this chance of working a step closer with LVMH and the relationships he has shared with Bernard Arnault, Michael Burke at Louis Vuitton, and others. He further added that he would use this extension of an old bond to improve his well-established commitment in a way that will open doors for people from diverse backgrounds and encourage equity in the industries they will serve together. 

 

For more Fashion & Beauty updates, follow @pinkvillafashion

Also Read | Sophie Turner and Joe Jonas put on an unmissable show of their own at the Louis Vuitton Parfum dinner party

 

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