Luxury conglomerate LVMH announced Monday that it has sold Off-White LLC, the parent company of the Off-White brand, to brand management firm Bluestar Alliance. While the financial details of the deal were not disclosed, LVMH described Bluestar Alliance as the “perfect partner” to continue the legacy of Off-White’s late founder, Virgil Abloh.
“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,” said Bluestar Alliance CEO Joey Gabbay.
Bluestar Alliance, known for managing brands such as Scotch & Soda, Hurley, and Bebe, now adds the globally recognized Off-White to its portfolio. The company will focus on maintaining the brand’s influence and Abloh’s forward-thinking vision within the fashion industry.
Virgil Abloh, who passed away in 2021, was celebrated for his innovative designs and cultural impact.
Bernard Arnault, the titan of luxury and the man behind the LVMH empire, has consistently made headlines for his business acumen and strategic investments. As of 2023, his net worth is estimated to be a staggering $157 billion US dollars, according to Bloomberg. But what factors have contributed to this immense wealth, and how did Arnault climb to such heights in the business world?
LVMH, or Moët Hennessy Louis Vuitton SE, is the world’s largest luxury goods conglomerate. Arnault’s journey with LVMH began in the 1980s when he acquired a controlling stake in the company. Under his leadership, LVMH expanded its portfolio, acquiring renowned brands across various sectors, from fashion to jewelry to cosmetics.
Strategic Acquisitions & Investments
NEW YORK, NY – JANUARY 9: (L to R) President-elect Donald Trump and French businessman Bernard Arnault, chief executive officer of LVMH, speak to reporters at Trump Tower, January 9, 2017 in New York City. President-elect Donald Trump and his transition team are in the process of filling cabinet and other high level positions for the new administration. (Photo by Drew Angerer/Getty Images)
One of the hallmarks of Arnault’s success lies in his ability to identify potential and make strategic acquisitions. Over the years, LVMH has added numerous brands to its roster, including Fendi, Givenchy, and Sephora. These acquisitions not only expanded the company’s reach but also diversified its offerings, ensuring resilience in a fluctuating market.
Arnault’s leadership style is often described as visionary. He possesses an innate ability to foresee market trends and adapt accordingly. This foresight has allowed LVMH to stay ahead of the curve, continually innovating and setting industry standards. His commitment to excellence and innovation has undeniably played a significant role in amassing his fortune.
Like any business magnate, Arnault’s journey hasn’t been without challenges. He has faced market downturns, competition, and controversies. However, his ability to navigate these challenges, turning potential setbacks into opportunities, showcases his business prowess.
Philanthropy & Beyond
French luxury group LVMH Chairman and Chief Executive Officer Bernard Arnault presents the group’s annual results for 2018 at the LVMH headquarters in Paris, on January 29, 2019. (Photo by ERIC PIERMONT / AFP) (Photo credit should read ERIC PIERMONT/AFP via Getty Images)
Beyond his business ventures, Arnault is also known for his philanthropic efforts. He has donated millions to various causes, from arts and culture to education and healthcare. His commitment to giving back to society further cements his legacy, not just as a business mogul but as a global citizen.
As the world continues to evolve, so does the luxury market. With emerging technologies and changing consumer preferences, the future holds new challenges and opportunities. However, with Arnault at the helm of LVMH, the conglomerate is poised to continue its dominance in the luxury sector.
In conclusion, Bernard Arnault’s net worth of $157 billion US dollars in 2023 is a testament to his unparalleled business acumen, strategic vision, and relentless pursuit of excellence. As the head of LVMH, he has transformed the luxury market, setting standards and trends for others to follow. His journey, marked by successes, challenges, and philanthropic efforts, serves as an inspiration for aspiring entrepreneurs worldwide.
DJ D-Club Nice’s Club Quarantine, brought the world together and is approaching its two-year anniversary. As mask mandates are lifted and people return to pre-pandemic normalcy, LVMH is proud to partner with D-Nice for a three-night Club Quarantine celebration on D-Nice’s Live to commemorate ‘CQ2’ – the second anniversary of the virtual party that helped lift people’s spirits and spread love, positivity, and good vibrations.
This spectacular celebration will happen nightly from 7 – 9 p.m. EST on March 17 – 19, giving virtual Club Quarantine partygoers the opportunity to see D-Nice perform a full 3-night set for free before his September debut in Las Vegas. Tuners will also have the opportunity to see special appearances from some of his best friends in the industry.
Krug, Volcan Tequila, and Hennessy X.O. are among the Moet Hennessy brands featured each night (3/17: Krug, 3/18: Volcan, 3/19: Hennessy X.O.). D-Nice will also be dressed in several ensembles from LVMH’s portfolio of brands, such as Tiffany & Co, Louis Vuitton, Dior, and Fendi, to look extra fresh. Viewers may watch D-Nice, his squad, and the Club Quarantine family from the comfort of their own homes while sipping their favorite adult beverage. Raise a glass of your favorite Mot Hennessy beverage and listen in to hear D-Nice drop legendary beats for a good cause.
Jay-Z has sold half his Armand de Brignac champagne brand — aka Ace Of Spades — to LVMH’s Moët Hennessy Louis Vuitton SE, according to The Wall Street Journal. LVMH bought a 50% stake in the emerging brand to help grow Armand de Brignac with the help of LVMH’s global distribution network but no specific figures were given in the report.
Jay told The Wall Street Journal that his end of the move was motivated by the growth of his brand past the expectations and expertise it already had. “We were working really hard to maintain a brand that was growing faster than the staff we had and bigger than some of the expertise we had,” he said. “We’d been in this 15 years, not a hundred.”
He also noted that while global champagne sales are experiencing a downturn due to the pandemic, the timing is better now that luxury brands have become more comfortable working with artists whose roots are in hip-hop. The story specifically cites Rihanna’s Fenty brands with LVMH, which has plans to expand her Savage X Fenty line despite closing their joint luxury fashion house, and Gucci Mane, who recently worked with his namesake brand. As Jay said, “People have come to accept that these two worlds are a natural fit. In the beginning, it wasn’t a natural fit.”
Jay invested in Armand de Brignac in 2006 after an executive at Cristal’s parent company wondered whether the brand was being harmed by constant name-checking in hip-hop. It didn’t take long for hip-hop to turn on Cristal, and Jay eventually bought out his partners in 2014. Now, LVMH hopes that the association with hip-hop will provide a cool factor that’ll bring new consumers to the market and grow the segment as the market recovers.
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,” said Bluestar Alliance CEO Joey Gabbay.
