LVMH on Tuesday (20 July) announced that it has agreed to purchase a 60% stake in Off-White. Off-White founder and CEO Virgil Abloh will retain a 40% ownership in the company as well as his position as the brand’s creative director. He will also stay on board as the artistic director of Louis Vuitton's menswear collection. New Guards Group, which established the label with Abloh in 2012, will also maintain its role as the brand’s operating partner.

As reported by BoF, under the deal, LVMH plans to work closely with Abloh to develop and launch new brands while ‘energising’ the existing ones. Abloh will be working across new categories other than fashion, including wine and spirits as well as hospitality. By partnering with LVMH, Off-White will have readily available tools to help the brand expand its portfolio. Details of the transaction have not been made public at the time of writing.

This acquisition came after Phoebe Philo announced that she will be launching her own luxury brand under LVMH, showing that the luxury conglomerate continues to innovate and grow by partnering with the big names in the fashion industry.