LVMH acquires majority stake in Off-White

LVMH has acquired a 60% stake in Off-White, the luxury streetwear brand founded by fashion designer Virgil Abloh in 2013, NY Times reports. The arrangement means that Abloh, who is also an artistic director of Louis Vuitton men's wear, will be taking on a bigger role within LVMH, working across such categories as wine and spirits and hospitality.

Off-White, the company, will still be operated by New Guards Group, the Italian manufacturing company that owns the licence for the brand, while Off-White LLC, which owns the trademark, will be incorporated into the LVMH Fashion and Leather Goods Group. The Off-White acquisition is part of a flurry of activity on the part of LVMH, having recently bought Tiffany and acquired a minority stake in Phoebe Philo's new namesake venture.

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