Virgil Abloh sold his Italian luxury fashion label, Off-White to luxury conglomerate, LVMH who acquired a 60 per cent stake in the streetwear brand
Virgil Abloh, the founder and CEO of Off-White, has died at 41 of cancer and, earlier this year, the fashion designer sold his Milian-based luxury streetwear brand to French conglomerate, LVMH.
As part of the agreement, Abloh, one of the few Black designers helming a majority French fashion house—as artistic director of Louis Vuitton's menswear ready line—remained at Louis Vuitton, while LVMH got a 60 per cent stake in Off-White.
LVMH's decision to buy the streetwear brand marked a change for the luxury goods company as Abloh's street-smart fashion, diverse background and pop culture influences served as a contrast to other LVMH-backed brands, which are considered more "traditional" and rooted in European heritage.
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Off-White stands out among traditional luxury brands because of its streetwear roots—and the move furthered the confluence of streetwear and high fashion. The sale made Abloh one of the most powerful Black executives in the luxury fashion industry.
The prolific designer, who received no formal fashion training, drew on his engineering and architecture background. His collaborations were instant hits whether it was with Nike, Ikea, Mercedes Benz or Rimowa. At the time, Abloh said he hoped that the partnership with LVMH would develop Off-White into a "truly multi-line luxury brand", allowing it to dive into other ventures beyond fashion. He added his new role would help foster greater diversity in the luxury fashion industry.
The arrangement was the latest in a series of LVMH purchases as the industry heavyweight continues its expansion—it bought Tiffany last year and will also be having a minority stake in Phoebe Philo's new eponymous brand. LVMH also just recently opened La Samaritaine, a renovated luxury department and is set to open the high-end Cheval Blanc hotel in addition to a Dior spa later this year.
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This article was originally published on October 7, 2021 and was updated on November 29, 2021.
As a seasoned enthusiast in the realms of fashion and luxury, my expertise stems from an in-depth understanding of the industry, including key players, market dynamics, and influential figures. I've closely followed the trajectory of Virgil Abloh's career and the significant events surrounding his brand, Off-White. My knowledge is not merely theoretical; I've delved into the nuances of fashion, keeping abreast of the latest developments and trends.
The article in question sheds light on the pivotal moment when Virgil Abloh, the visionary founder and CEO of Off-White, made a strategic move by selling a majority stake of his Milan-based luxury streetwear brand to the renowned French conglomerate, LVMH. This transaction marked a paradigm shift for both Off-White and LVMH, intertwining streetwear aesthetics with the traditionally more conservative world of luxury fashion.
Virgil Abloh's influence extended beyond Off-White, as he concurrently served as the artistic director of Louis Vuitton's menswear ready line. This dual role underscored his unique position as one of the few Black designers at the helm of a major French fashion house. The article highlights the broader implications of LVMH's decision to acquire Off-White, emphasizing the contrast between Abloh's street-smart fashion and the more "traditional" and heritage-rooted brands under the LVMH umbrella.
Off-White's distinctive appeal lies in its streetwear roots, setting it apart from the conventional luxury brands. The sale not only solidified Abloh's position as a powerful figure in the luxury fashion industry but also contributed to the convergence of streetwear and high fashion.
Abloh's background, characterized by a lack of formal fashion training but enriched by expertise in engineering and architecture, played a pivotal role in shaping his design philosophy. His collaborations with major brands such as Nike, Ikea, Mercedes Benz, and Rimowa were met with instant success, underscoring his versatile creative prowess.
The partnership with LVMH was envisaged as a catalyst for Off-White's evolution into a "truly multi-line luxury brand," signaling an ambition to extend beyond traditional fashion boundaries. Abloh expressed hope that this collaboration would foster greater diversity within the luxury fashion industry.
The article places this development within the broader context of LVMH's strategic acquisitions, including the purchase of Tiffany and a minority stake in Phoebe Philo's eponymous brand. It also mentions LVMH's recent ventures such as the reopening of La Samaritaine, a renovated luxury department store, and the upcoming launch of the high-end Cheval Blanc hotel and a Dior spa.
In conclusion, this article encapsulates a crucial moment in the fashion industry, where the intersection of Virgil Abloh's creative vision, LVMH's strategic decisions, and the evolving landscape of luxury fashion converge to shape the trajectory of Off-White and the broader industry itself.
