Luxury conglomerate LVMH is in talks with Farfetch to take complete control of Off-White, whose trademark it acqured not long after label founder Virgil Abloh died in November 2021. According to Miss Tweed, the license to produce the label is held by Farfetch’ through its ownership of brand conglomerate New Guards Group.
Shares for the London-based Farfetch, an online marketplace for luxury apparel and accessories, have been in freefall, plummeting over 80% over the past year hurt by a downturn in demand for luxury goods by the aspirational customer.
Farfetch’s financial woes have been mirrored at New Guards Group, where the company has been forced to layoff staff and cut back on marketing efforts and ad campaigns.
Off-White has been impacted by the one two punch of Ablohs passing, along with New Guard Group’s mismanagment, factors which are believed to have lead to a steep decline in demand for the label. Since purchasing Off-White’s trademark, LVMH appointed Ib Kamarah as art and image director, but has not yet appointed a creative director.