By Cecilia Butini 
 

LVMH Moet Hennessy Louis Vuitton SE said Tuesday that it has entered into an agreement with Virgil Abloh to buy a majority stake in Off-White LLC, the company behind the fashion brand of the same name.

As a result of the acquisition, LVMH will own a 60% interest in the company, while Mr. Abloh, who founded the brand in 2013, will retain a 40% interest and continue to be the creative director of the brand, the company said.

The transaction is expected to close within the next 60 days pending regulatory approval, the company said.

The French luxury-goods conglomerate also said it has agreed to another partnership with Mr. Abloh, which will include the launching of new brands.

Mr. Abloh is currently artistic director of Louis Vuitton's menswear collection and will also continue in that role, the company said.

 

Write to Cecilia Butini at cecilia.butini@wsj.com

 

(END) Dow Jones Newswires

July 20, 2021 01:43 ET (05:43 GMT)

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