LVMH invests in Virgil Abloh. And it gives him carte blanche to explore new ideas beyond fashion. An innovative agreement that provides for the purchase by the French giant of 60% of Off-White’s capital. Abloh, founder of the brand and creative director of Louis Vuitton’s menswear, will remain at 40%. The Italian holding New Guards Group will remain as licensee of the brand.
LVMH invests in Virgil Abloh
The new agreement is a certificate of respect and trust from LVMH towards Virgil Abloh (in the center, in the Shutterstock photo/2019). To the point that the creative will have the opportunity to launch brands and sign partnerships with all the brands in the LVMH galaxy. Pay attention: when we write all, we mean not only those of the fashion division.
For example: “There are areas within the wine business – Abloh tells WWD – that are attractive to me. Areas within hospitality, jewellery, but also small niches within the fashion segment. My eyes have always been open to how fashion, art and culture can come together. There is an opportunity to grow new segments and to root myself within the LVMH group”.
This agreement provides that LVMH will increase its stake in Off-White LLC, owner of the brand founded by Abloh, up to 60%. The designer will retain 40%, and will continue to be the creative director of the brand and the financial terms of the deal were not disclosed. Also to WWD, Michael Burke, president and CEO of Louis Vuitton, highlighted that the agreement marks a new kind of relationship between a creative director and a conglomerate like LVMH. The manager specified that the new “venture” will be launched when the sale of Off-White shares has completed the bureaucratic process. In other words, about 60 days. But he was evasive in specifying further details.
In the photo, left and right, images from off—white.com