As reported by Business of Fashion this morning, LVMH has raised its stake in the brand to 60%. Abloh, who will remain Louis Vuitton's men's artistic director, is also taking on a bigger role within the luxury conglomerate. He'll be working across several non-fashion categories including wine & spirits and hospitality, where he'll be set to receive proper equity for the long-string of new projects to come.
"I'm getting a seat at the table," Abloh told the New York Times on the new partnership. For an industry where Black executives and CEOs are often unheard of, the merger ushers in a change at a much higher financial level than ever before.
The news comes after a string of financial investments by the French conglomerate this year. Just last week, it was announced that LVMH was backing Phoebe Philo's new fashion venture, along with acquiring Tiffany & Co. in the most expensive fashion acquisition ever this past January.
Armed with fluorescent yellow utility belts and a star-studded ensemble Abloh is sure to take with him, the Off-White frenzy that's boomed over the last few years will no doubt rise to new heights with the new cash flow backed by LVMH.
Photo via Getty
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