Virgil Abloh is taking on a new job at LVMH. In addition to being artistic director of Louis Vuitton’s menswear, role that he has held since 2018, Abloh will now work with the luxury conglomerate to help launch new brands and foster its existing partnerships outside of fashion, including wine and spirits and hospitality. “Initial discussions have already begun,” according to an LVMH press release.
“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,” said Abloh in an official statement. “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.”
If there’s anyone who can help expand LVMH’s presence, it’s Abloh. The designer has been prolific with his varied (and unexpected) collaborations, from teaming up with Nike on coveted sneaker collections to redesigning Evian water bottles and venturing into home decor with Ikea.
Plus, LVMH has now acquired a majority stake in fashion luxury brand Off-White, founded by Abloh in 2013 alongside the Milan-based New Guards Group, which will still be responsible for the label’s production, marketing, and distribution. The licensing agreement is expected to last until at least 2026, according to BoF.
“For nearly a decade, we’ve been building Off-White™️ to be a brand designed to empower our generation and challenge the status quo,” said Abloh. “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.”
Virgil Abloh and LVMH announce significant expansion of their successful relationship
LVMH will become majority investor in Off-White™️ and LVMH and Virgil Abloh have agreed to jointly pursue new projects across luxury categories.
Virgil Abloh and LVMH today announced a definitive agreement whereby LVMH will acquire a majority stake in Off-White LLC, the trademark owner of Off-White™️. Following the acquisition, LVMH will own a 60% interest in the trademark, and Mr. Abloh will retain a 40% interest and continue as creative director of the brand, which he founded in 2013.
Mr. Abloh’s partnership with LVMH began in March 2018 when he was appointed the artistic director of Louis Vuitton’s menswear collection. Mr. Abloh will continue in that role at Louis Vuitton.
Additionally, LVMH and Mr. Abloh have agreed to another arrangement to join forces. It will leverage together the Group’s expertise to launch new brands and partner with existing ones in a variety of sectors beyond the realm of fashion. Initial discussions have already begun.
Mr. Abloh, Bernard Arnault and LVMH are delighted to expand upon their relationship and begin this new chapter together.
Bernard Arnault, Chairman and Chief Executive Officer of LVMH, commented: “We are thrilled to expand our successful partnership with Virgil. We have already had the privilege of witnessing Virgil’s exceptional creativity and vision through his work with us at Louis Vuitton. We look forward to supporting Virgil and the team both in driving the growth of Off-White™️ and in working together with Virgil to bring his unique sensibility to a broader range of luxury categories.”
Michael Burke, Chairman and Chief Executive Officer of Louis Vuitton, said: “From groundbreaking fashion shows to the creation of a new contemporary men’s fashion language, Virgil has made a lasting imprint on the House of Louis Vuitton. By breaking down borders and proclaiming a profoundly inclusive philosophy, Virgil has extended the reach of Louis Vuitton’s luxury world. We are proud of the road traveled so far and very excited for the new ones opening up.”
Virgil Abloh, Chief Creative Director and Founder of Off-White™️, and Men’s Artistic Director at Louis Vuitton, said: “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.” He added: “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. 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.”
New Guards Group will remain an operating partner for Off-White™ through its licensing agreement with Off-White LLC.
The transaction through which LVMH is investing in Off-White™️ is subject to regulatory approval and is expected to be completed within the next 60 days.
Source - https://www.nylon.com/fashion/virgil-abloh-lvmh-role-majority-stake-in-off-white
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