LVMH has sold Off-White, founded by Virgil Abloh, to Bluestar Alliance.
- This significant deal involves Off-White, a brand merging luxury with streetwear.
- Financial details of the transaction have not been disclosed yet.
- Bluestar Alliance plans to honour Virgil Abloh’s visionary approach.
- LVMH retains control over several major fashion labels amidst this sale.
LVMH, the French multinational luxury goods conglomerate, has announced the sale of Off-White to Bluestar Alliance, a New York-based brand management company. Off-White, known for its unique blend of luxury and streetwear, was founded by the late Virgil Abloh, who also served as the artistic director of Louis Vuitton. The financial specifics of this transaction have not been made public.
Bluestar Alliance, which recently acquired the brand Scotch & Soda following its bankruptcy, is expanding its portfolio which currently includes brands such as Hurley, Bebe, and Elie Tahari. Joey Gabbay, co-founder and CEO of Bluestar Alliance, expressed enthusiasm about this acquisition, describing it as an opportunity to honour and continue the legacy of Abloh. He emphasised the brand’s blend of street culture and high fashion as being perfectly aligned with the company’s vision of innovation and diversity.
Abloh launched Off-White in 2012 and gained prominence by becoming the first black artistic director at Louis Vuitton in 2018. LVMH had previously acquired a 60% stake in Off-White in July 2021, while Abloh retained the remaining shares. This sale marks a new chapter for Off-White under the guidance of Bluestar Alliance, which is committed to building upon the cultural and creative momentum initiated by Abloh.
The decision to sell comes in a period where LVMH reported €41.7 billion in revenue for the first half of 2024, slightly declining by 1% compared to the previous year. Despite the sale of Off-White, LVMH continues to hold a dominant position in the luxury fashion industry, with its ownership of major brands such as Louis Vuitton, Christian Dior, and Celine.
This transfer signifies a strategic step for both LVMH and Bluestar Alliance in shaping the future of luxury streetwear.
