LVMH Confirms That Its Acquired 60% Stake In Virgil Abloh’s Off-White Fashion Brand
It's been just reported that LVMH just bought a 60% stake in Virgil Abloh 'd popular brand. The Shade Room knows more details about this.
Abloh is one of the biggest names within the world of fashion, courtesy of his incredibly popular brand Off-White and more recent gig as Artistic Director of Louis Vuitton. TSR also noted that he just recently finalized his biggest fashion accomplishment yet.
'It was recently announced that powerhouse luxury goods conglomerate LVMH has just acquired majority stake in Off-White, which is set to make Virgil Abloh one of the most powerful Black fashion designers,' TSR said.
They cited NewYorkTimes reports and revealed that in a surprise announcement, LVMH confirmed that it has officially acquired a 60% stake in Virgil Abloh’s Off-White fashion brand that he created back in 2013.
He will retain a 40% stake in the company and assume an expanded role at LVMHand TSR notes that this will be making him 'one of the most powerful and influential Black people in the elite world of fashion in less than 10 years.'
Virgil will work across various categories underneath the LVMH umbrella, 'including Wine and Spirits (LVMH owns Krug, Dom Pérignon and Hennessy, among 30 brands) and Hospitality (more than 50 hotels, including the Cipriani in Venice, Italy and Le Manoir aux Quat’Saisons in Oxfordshire, England.)' TSR notes.
Someone said: 'So he sold his brand and now someone else has the majority? 🤐' and another follower posted this: 'Good for him, but he’s still not original. Steals from underground artist and creatives.'
One other follwoer said: 'White man buying all the black owned brands lol,' and someone else posted this: 'A seat at the table .. you could’ve created your own .. but congratulations.'
One follower said: 'Kanye ranted and went “crazy” to open the doors for elite 💩 like this,' and a commenter posted this: 'Y’all need some color coded headlines or something. I thought he clock’d out.'