LVMH announces sale of Off-White to Bluestar Alliance, marking a new chapter for the iconic brand.
- Virgil Abloh’s Off-White, known for blending street culture with high fashion, changes ownership.
- Financial details of Off-White’s acquisition by Bluestar Alliance remain undisclosed.
- Bluestar Alliance aims to honor and expand Virgil Abloh’s creative legacy through the acquisition.
- LVMH reports a slight decline in revenue amid strategic portfolio adjustments.
LVMH, the renowned luxury goods conglomerate, has officially announced the sale of the luxury streetwear brand Off-White, which was established by the late visionary Virgil Abloh, to New York-based Bluestar Alliance. This transaction signifies a significant shift in the fashion landscape as Off-White is recognized for its innovative blend of street culture and high fashion.
While the exact financial details of the sale have not been disclosed, Bluestar Alliance, which boasts a diverse portfolio including brands like Scotch & Soda and Hurley, is set to take the reins of Off-White. The firm’s commitment to honoring and building upon Virgil Abloh’s creative vision is evident in their strategic ambitions outlined by Joey Gabbay, co-founder and CEO of Bluestar Alliance.
Joey Gabbay expressed that acquiring Off-White provides a unique opportunity to further Virgil Abloh’s enduring legacy. Abloh was celebrated for his groundbreaking ability to merge streetwear aesthetics with the luxury fashion realm, a vision that deeply resonates with Bluestar Alliance’s core values. The company’s strategic plan involves leveraging their extensive global network and resources to enhance Off-White’s cultural and creative impact.
Virgil Abloh, who founded Off-White in 2012, made history as the first Black artistic director at LVMH’s Louis Vuitton in 2018, a testament to his influence in the fashion industry. In 2021, LVMH had secured a 60% stake in Off-White while Abloh retained a 40% stake, signaling a strong partnership that sought to push creative boundaries.
The backdrop of this transaction sees LVMH navigating a slight year-on-year revenue decline of 1%, reporting €41.7 billion for the first six months of 2024. This sale reflects a strategic adjustment within LVMH’s expansive portfolio, which includes prestigious brands such as Louis Vuitton, Christian Dior, and Givenchy, as the conglomerate continues to refine its focus and investment priorities.
The acquisition of Off-White by Bluestar Alliance marks a pivotal moment for the brand’s future innovation and growth.
