Designer Virgil Abloh Sells 60 Percent Stake In Off-White To LVMH
Yesterday (Tuesday, July 20th), news broke that Moët Hennessy Louis Vuitton–a.k.a. LVMH–purchased a majority stake in Off-White. The luxury streetwear brand was founded by Virgil Abloh back in 2012. Under the new business deal, LVMH owns 60 percent of Off-White, and Virgil Abloh still has ownership of the remaining 40%. However, the specific financial terms of the deal haven’t been publicly revealed.
Additionally, LVMH’s representatives say it will collaborate with Virgil Abloh in areas beyond fashion. Regarding this move, the designer told WWD:
“I’m completely honored. There’s a long trajectory of creative directors partnering with a house, but this is something completely new, and I commend [CEOs] Mr. Arnault and Michael Burke for seeing my talent across spectrums and incubating me to a place where I can suggest different things that don’t fall in the realm of a runway show.”
He continued and hinted at possibilities he’s considering exploring:
“There’s areas within the spirits side of the business that are attractive to me; there’s areas within the hospitality, the hotels side; jewelry–you know, more minutiae within the fashion segment. My eyes have always been wide in terms of fashion, arts and culture and how they can merge together. So the announcement is leaning on that, that now there’s an opportunity to grow new segments and root myself within LVMH, the group.”
Although the move is a huge step in Virgil Abloh‘s relationship with LVMH, he was already heavily involved with the corporation. Prior to the deal, Virgil Abloh was already the artistic director of Louis Vuitton, and he will continue to hold this position. He will also retain his role as Off-White’s creative director.
What do you think about LVMH purchasing a majority of Virgil Abloh’s Off-White brand? Comment down below to let us know!