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LVMH takes majority stake in Virgil Abloh streetwear label Off-White

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Agence France-Presse

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2021/reuters/07/20/filmfestival-cannes-france.jpg"/><figcaption>A bag by Louis Vuitton is worn by &quot;France&quot; cast member Benjamin Biolay at the 74th Cannes Film Festival, July 16, 2021. Reinhard Krause, Reuters/File</figcaption></figure></div>PARIS - French luxury conglomerate LVMH said Tuesday it intends to take a majority stake in the luxury streetwear label Off-White created by Virgil Abloh, the first black American creative director of a top French fashion house.LVMH will take a 60-percent stake in Off-White for an undisclosed sum, according to a statement. Abloh will retain 40 percent and remain creative director for the men&#x27;s collections of LVMH&#x27;s Louis Vuitton fashion house.The Italian group New Guards, which currently owns a majority of Off-White, will remain a partner to the brand via a licensing agreement after the deal, which is subject to regulatory approvals, is finalized.The deal marks an expansion of Abloh&#x27;s collaboration with LVMH, the world&#x27;s top luxury group, and he said he envisaged potential partnerships with its non-fashion brands as well as starting new ones of his own. &quot;For nearly a decade, we&#x27;ve been building Off-White to be a brand designed to empower our generation and challenge the status quo,&quot; Abloh said in a statement.&quot;LVMH brings to the table the additional firepower and scale to accelerate our momentum and evolve Off-White into a truly multi-line luxury brand,&quot; he added.Abloh has addressed both environmental and social issues in his work with Louis Vuitton, with anti-racist and anti-homophobia messages at his January show in Paris.He said he plans to use his partnership with LVMH &quot;to expand opportunities for diverse individuals and foster greater equity and inclusion in the industries we serve.&quot;<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/22/21/jay-z-sells-half-his-champagne-brand-to-lvmh">Jay-Z sells half his champagne brand to LVMH</a></li>	<li><a href="https://news.abs-cbn.com/business/11/25/19/louis-vuitton-group-buys-tiffany-in-162-billion-deal">Louis Vuitton group puts ring on jeweller Tiffany in $16.2-billion union</a></li>	<li><a href="https://news.abs-cbn.com/ancx/style/style-profile/04/04/21/the-market-is-healthy-the-money-is-here-says-luxury-brand-purveyor-on-state-of-ph-fashion-retail">“The market is healthy. The money is here,” says luxury brand purveyor on state of PH fashion retail</a></li></ul>RELATED VIDEO: [EMBED IVS ]

French luxury conglomerate LVMH said Tuesday it intends to take a majority stake in the luxury streetwear label Off-White created by Virgil Abloh, the first black American creative director of a top French fashion house.

French luxury conglomerate LVMH said Tuesday it intends to take a majority stake in the luxury streetwear label Off-White created by Virgil Abloh, the first black American creative director of a top French fashion house.