LVMH to buy majority stake in Off-White
The international luxury group announced the acquisition of 60% of shares of Off-White LLC, owner of the Off-White brand
After the completion of the transaction, the founder of the luxury streetwear brand, Virgil Abloh, will retain a 40% stake in the company and continue in the role of Creative Director of the brand.
The terms of the transaction have not been disclosed, but the LVMH "will work with Abloh to launch new brands and boost existing ones, inside and outside the fashion industry".
The New Guards Group, owned by Farfetch and which gave rise to the Abloh's brand, will continue to be an operating partner through the licensing agreement with Off-White LLC.
Image credits: kendam.com
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