LVMH will acquire a controlling stake in Off-White, with its founder retaining 40%.
Italian luxury streetwear brand Off-White of Virgil Ablo has changed its primary owner. The multinational fashion giant Louis Vuitton Moet Hennessy acquired 60% of the company.
"Virgil Ablo and LVMH today announce a definitive agreement under which LVMH will acquire a majority stake in Off-White... The transaction will result in LVMH owning a 60% stake in Off-White," the holding company said in an official statement. The deal is expected to close within two months.
The off-White brand was created in 2012 by American designer Virgil Ablo who will retain a 40% stake in the company after the deal with LVMH. The company has 24 branded stores in the world's major cities, and its products are represented in the major department stores in the U.S., Europe, and Russia. In recent years, Off-White has been among the most popular fashion brands in the world. In the latest rating of the international platform Lyst, the brand surpassed Nike in popularity and took first place.
Ablo himself officially moved to Louis Vuitton in 2018 and today remains the creative director of men's collections for one of the most expensive fashion houses. It is known that after the deal with LVMH, Ablo will get a new position at the company.
Photo credit: depositphotos.com.
20 JULY 2021, USA