French luxury group LVMH said on Tuesday it agreed to buy a 60% stake in Off-White LLC, the trademark owner of designer Virgil Abloh’s Off-White steetwear label.

Abloh will retain a 40% interest and continue as creative director of the brand, which he founded in 2013.

“Mr. Abloh’s partnership with LVMH began in March 2018 when he was appointed the artistic director of Louis Vuitton’s menswear collection,” said LVMH.

“Mr. Abloh will continue in that role at Louis Vuitton.

“Additionally, LVMH and Mr. Abloh have agreed to another arrangement to join forces.

“It will leverage together the group’s expertise to launch new brands and partner with existing ones in a variety of sectors beyond the realm of fashion.

“Initial discussions have already begun.

“Mr. Abloh, Bernard Arnault and LVMH are delighted to expand upon their relationship and begin this new chapter together.”

LVMH chairman and CEO Bernard Arnault said: “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.”

Louis Vuitton chairman and CEO Michael Burke said: “From groundbreaking fashion shows to the creation of a new contemporary men’s fashion language, Virgil has made a lasting imprint on the House of Louis Vuitton.

“By breaking down borders and proclaiming a profoundly inclusive philosophy, Virgil has extended the reach of Louis Vuitton’s luxury world.

“We are proud of the road traveled so far and very excited for the new ones opening up.”

Abloh said: “For nearly a decade, we’ve been building Off-White to be a brand designed to empower our generation and challenge the status quo.

“LVMH brings to the table the additional firepower and scale to accelerate our momentum and evolve Off-White into a truly multi-line luxury brand …

“I’m incredibly excited to work together with LVMH on other possible collaborations – an evolution of the great relationship I have had with LVMH, Bernard Arnault, Michael Burke at Louis Vuitton, and others.

“I’m also honored to use this partnership to deepen my longstanding commitment to expand opportunities for diverse individuals and foster greater equity and inclusion in the industries we serve.

“This is an incredible new platform to take the disruption we’ve achieved together to a whole new level.”