Luxury conglomerate, LVMH (Moët Hennessy Louis Vuitton) has just announced that it is set to buy a majority stake in Off-White LLC for an undisclosed price. Virgil Abloh, the label’s founder and CEO, will maintain a 40 percent interest in the company while keeping his current role, with French luxury group LVMH obtaining a 60 percent stake.
Abloh, 40, a U.S. national who also works as a DJ and visual artist rose to prominence in the early 2000s as Kanye West’s creative right-hand. He was hired by LVMH in March 2018 to create menswear collections for Louis Vuitton, the luxury giant’s biggest revenue driver.
In his new role, Abloh will help LVMH launch new brands and partner with existing brands “beyond the realm of fashion.” the company said in a statement. Additionally, the label will continue its licensing deal with…