Louis Vuitton Möet Hennessy bought a 60% stake in Off-White, the luxury conglomerate announced Tuesday.
The investment brings another name with deep sportswear ties to LVMH’s unrivaled roster of brands.
Off-White, created by Louis Vuitton men’s artistic director Virgil Abloh, has a line of extremely popular sneakers with Nike. The two brands also teamed up to produce athletic apparel, including a collaboration with Manchester United forward Marcus Rashford.
Abloh designed the uniform Serena Williams wore while playing in the 2018 U.S. Open, as well.
Many other LVMH brands have high-profile sports tie-ins. Dior released its own Air Jordan sneaker, Hennessy partners with the NBA, and TAG Heuer sponsors Porsche’s racing team and athletes including Naomi Osaka.
Off-White is just the latest major acquisition for LVMH.
- In January, LVMH purchased Tiffany for $15.8 billion.
- In February, it bought 50% of Jay-Z’s Armand de Brignac champagne.
- It assumed full ownership of designer line Emilio Pucci in June.
- LVMH’s investment vehicle, L Catterton, bought 60% of Italian brand Etro earlier this week and Birkenstock for $4.8 billion earlier this year. The private equity group is exploring options to go public.
LVMH recently surpassed Nestlé in March to become the largest company in Europe — it has a market cap of $382 billion. Its founder, Bernard Arnault, is worth $182.1 billion.