#Roommates, Virgil Abloh is one of the biggest names in fashion, thanks to his incredibly popular Off-White brand and a recent appearance as Artistic Director of Louis Vuitton – and he just recently completed his greatest ever fashion achievement. It was recently announced that the leading luxury goods company LVMH has just acquired a majority stake in Off-White, which will make Virgil Abloh one of the most powerful black fashion designers.
@NewYorkTimes reports that LVMH has confirmed in a surprise announcement that it has officially acquired 60% of the Off-White fashion brand it founded in 2013 from Virgil Abloh. Virgil, 40, will retain a 40% stake in the company and take on an expanded role at LVMH – easily making him one of the most powerful and influential blacks in fashion elite in less than 10 years.
In his expanded role, Virgil will work in various categories under the LVMH umbrella, including wine and spirits (LVMH owns Krug, Dom Pérignon and Hennessy, under 30 brands) and hospitality (more than 50 hotels including the Cipriani in Venice, Italy and Le Manoir aux Quat’Saisons in Oxfordshire, England.) He also remains Louis Vuitton’s Artistic Director of Menswear.
Regarding the historic business, Virgil Abloh expressed his enthusiasm:
“I get a seat at the table. I’m incredibly excited to be working with LVMH on other potential collaborations – a further development of the great relationship I had with LVMH, Bernard Arnault, Michael Burke at Louis Vuitton, and others. I am also honored to use this partnership to deepen my longstanding commitment, expand opportunities for different people, and promote 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. “
Similarly, Louis Vuitton’s Chief Executive Michael Burke recognized the importance of the partnership and stated that it will “shake up” the industry. Although the pandemic stifled many companies financially, LVMH recently saw its shares surge 60% this year and 30% from early 2020, before COVID-19 changed things forever.
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