French luxury goods company LVMH has agreed to acquire a stake of 60% in Off-White LLC, the trademark owner of American designer Virgil Abloh’s street fashion brand Off-White.

Virgil Abloh will retain the remaining 40% stake and will continue as the brand’s creative director.

The financial terms of the deal were not disclosed.

Off-White, which was founded by Virgil Abloh in 2013, has a design studio in Milan, Italy. It offers clothing, accessories, shoes, furniture, and branding.

LVMH has been partnering with Virgil Abloh since March 2018 when the latter was made the artistic director of its Louis Vuitton’s menswear collection. The designer will continue in the role at Louis Vuitton.

Apart from that, LVMH and Virgil Abloh have agreed to join forces for another arrangement. Together, they will utilize the former’s expertise for launching new brands and partner with existing brands in a range of sectors beyond the realm of fashion.

Bernard Arnault – Chairman and CEO of LVMH said: “We are thrilled to expand our successful partnership with Virgil. We have already had the privilege of witnessing Virgil’s exceptional creativity and vision through his work with us at Louis Vuitton.

“We look forward to supporting Virgil and the team both in driving the growth of Off-White and in working together with Virgil to bring his unique sensibility to a broader range of luxury categories.”

LVMH said that New Guards Group will continue as an operating partner for Off-White via its licensing agreement with Off-White LLC.

Virgil Abloh – Chief Creative Director and Founder of Off-White, and Men’s Artistic Director at Louis Vuitton, said: “For nearly a decade, we’ve been building Off-White to be a brand designed to empower our generation and challenge the status quo. 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.”

The deal, which is contingent on regulatory approval, is likely to be closed within the next 60 days.

  Bernard Arnault, LVMH, New Guards Group, Off-White, Off-White LLC, Virgil Abloh