It can be said that LVMH is a tycoon in acquiring fashion brands from high to luxury! The group's portfolio now includes more than 70 brands ranging from wines and spirits to hotels, fragrances, cosmetics and jewelry.
Previously, the Off-White brand was founded by Virgil Abloh and operated by New Guards Group (owned by Farfetch). Off-White has built a very good reputation globally. According to Lyst, Off-White took the #1 spot in the ranking of the most coveted brands and products in Q1 2020.
In early 2021, Andrea Grilli, CEO of New Guards Group, announced during a brand presentation in Milan on March 16, 2021 that Off-White will achieve a turnover of 1 billion euros in 5 – next 10 years. Off-White's spearhead growth is achieved through co-op activities; and the merger with LVMH looks like a lucrative handshake. After LVMH's acquisition of Off-White, Abloh will continue to hold the role of Creative Director of the brand and current position at Louis Vuitton, in addition to expanding with LVMH to add new brands, possibly outside of the fashion industry. Page.
Off-White also has a strong digital presence and a foothold in the Chinese market. The brand's sales in China increased by 10% in 2020 thanks to the opening of new stores. The brand is also present on Weibo and WeChat, and launched a capsule collection to serve the rapidly growing Gen Z customer base in this country.
New Guards Group will continue to manage and operate Off-White, including the production, marketing and distribution of products until at least 2026.