Virgil Abloh is one of the most visible Black faces in luxury fashion, but he is not satisfied with just that. Moving forward, he hopes to become one of the most powerful names in worldwide fashion. This week, he took another step toward achieving this goal.
Moët Hennessy Louis Vuitton has acquired a majority stake in Abloh’s upstart fashion-forward company, Off-White™. In exchange, Abloh will retain 40% of the company and work as the creative director. Additionally, Abloh will take on a new role with LVMH that will allow him to “launch new brands and partner with existing ones in a variety of sectors beyond the realm of fashion.”
“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,” Abloh said.
“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.”
Moving forward, Abloh’s latest deal with LVMH will undergo a formal process and is expected to be finalized within the next two months.
BREAKING: LVMH has acquired a 60% stake in Virgil Abloh’s company Off-White™ pic.twitter.com/BXkZNcW2xq
— SAINT (@saint) July 20, 2021