French luxury house LVMH today announced it will increase its stake in ownership of designer Virgil Abloh‘s label Off-White to 60 percent. The 40-year-old, Rockford, Illinois-born Abloh will retain a 40 percent interest in the label, which he founded in 2014.
Commenting on the news, LVMH CEO Bernard Arnault, stated in a press release, “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.”
Abloh, who is the son of Ghanian immigrants, Nee and Eunice Abloh, will also be taking on a bigger role within LVMH, working his magic across such categories as the company’s Wine and Spirits and Hospitality.
In response to the news, Abloh told the NY Times via a Zoom call from Chicago, where he lives, “I’m getting a seat at the table.”
Abloh added that his new role is to open doors for nontraditional luxury candidates at all points of the industry, from entry level to the top. He explained, “I focus on relevancy. Relevancy is my metric.”