LVMH has sold Off-White LLC, the company that owns the Off-White brand, to New York-based brand management company Bluestar Alliance, a press release said.
Three years ago, LVMH acquired a majority stake in Off-White, the luxury streetwear brand founded by Ghanaian American Virgil Abloh, who died in November 2021.
LVMH said in the press release on Monday that it was “proud of the legacy that Off-White has built under Virgil Abloh’s visionary leadership,” adding that “Bluestar Alliance is the perfect partner to carry that legacy forward.”
Financial terms of the transaction were not disclosed. Bluestar Alliance owns and manages brands including Scotch & Soda, Hurley, Bebe, Catherine Malandrino and teen brands Justice and Limited Too.
“Virgil was a creative pioneer who had a profound impact on the global fashion industry and creative community,” Joey Gabbay, CEO of Bluestar Alliance, said in the release. “Acquiring Off-White represents a unique opportunity for Bluestar Alliance to honor and build upon the enduring legacy of Virgil Abloh. His visionary approach to fashion resonates deeply with our core values. Abloh’s ability to fuse street culture with high fashion has laid a powerful foundation that aligns with our vision of fostering innovation while embracing diversity.”
Vogue Business reported that the brand remains under a licensing agreement with Farfetch’s New Guards Group (NGG) holding company that is up for renegotiation or termination come 2026.
It remains unknown the impact of this change of ownership on the licensing agreement, the report said.
The brand has had challenges since the passing of its founder, Abloh. Still, its sale has come as a shock to many considering it returned to New York Fashion Week last month under the creative direction of former Dazed editor Ibrahim Kamara, who succeeded Abloh in 2022.
Analysts thought that the brand had reached a turning point.
Meanwhile, LVMH, which owns 74 brands, including Louis Vuitton, reported a net profit drop of 14 percent in July as luxury revenues have stalled, according to Art News.
