French luxury conglomerate LVMH announced that it has acquired a 60% stake in Virgil Abloh’s Off-White label,
Abloh,40, will retain 40 percent ownership in the company following the deal. The designer still maintains his position as creative director for the LVMH brand, a position which he has held since March 2018. While New Guards Group who founded Off-White™ with Abloh will continue to stand as the brand’s operating partner.
Abloh’s joining LVMH introduced a fusion of streetwear and high-end fashion, mixing sneakers and camouflage pants with tailored suits and evening gowns. The brand is known for its luxury urban style with hoodies that start at around 400 pounds ($543.64).
The Off-White brand has experienced a lot of growth since launching in 2012. It has risen to become one of the industry’s biggest luxury streetwear labels. LVMH also added that it will also be working closely with Virgil Abloh to launch new brands and grow its already existing portfolio. The designer will also set be working across new categories including Wine and Spirits as well as Hospitality, as well.