LVMH acquires a 60% stake in Virgil Abloh’s Off-White. The French luxury group is expanding its fashion portfolio by adding this unique streetwear brand. The Milan-based New Guards Group, the license holder of the brand, will remain an operational partner.

Founder Virgil Abloh will remain in his role as creative director, in addition to his contractual duties as artistic director of Louis Vuitton menswear. LVMH and Abloh will be looking to develop and launch new brands, likely in the luxury streetwear fashion space. Off-White has the potential to be grown substantially, expanding into categories including homeware, beauty and fragrance.

In an interview with the New York Times, Abloh confirmed he will be taking on a bigger role within LVMH, bringing a diverse voice to its portfolio of brands. “I’m getting a seat at the table,” Abloh said.

“We’re not trying to emulate a model that already exists,” Michael Burke, the chief executive of Louis Vuitton, said of Abloh’s new role to the NY Times. “It’s more like what Bernard Arnault did when he bought Dior and decided to create a federation of luxury brands.”

“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,” Abloh said in a statement. “I’m also honoured 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.”

In addition to renowned houses like Louis Vuitton, Fendi and Givenchy,  LVMH also owns or has a controlling stake in a wide swath of luxury brands ranging from Dom Pérignon and Veuve Clicquot to Tiffany & Co. and Tag Heuer.

Also Read: Off White And The Louvre Collaborate To Release Special Capsule Collection