OP-ED: Remember the headlines when Fenty became a part of LVMH? It was pushed as an achievement for Rihanna. It was also coupled with the news that she was amongst the richest female entertainers in the world, and that Fenty had made a big move now that it belongs to LVMH. Well we spoke against the move here on FashionGHANA. In fact, we were even criticized by our own followers when we published the article below.
People believe the concept of a black person getting rich and getting a position in a foreign establishment equates to some sort of celebration. And this is why ownership of major entities in the black community is very little, even when it comes to non-visible aspects like brands.
The news was reported as a partnership but it wasn’t, it simply was a simply a major conglomerate take-over, in street terms ‘a sell-out for dollars’!
So despite the fact that Rihanna still fully owned Fenty x Savage which was the lingerie line, Fenty was now in the hands of LVMH. But low and behold Fenty didn’t last long and now is in a gridlock dispute between Rihanna and LVMH. So much for the ‘Black woman has done well’ cheers.
The name of the game, or at least one of it is, buy out your competitor and throw them away.
Well, Virgil Abloh might be the next blindfolded black man to walk down the ‘take money for generational wealth’ ladder. In a recent report by the business of fashion that explains LVMH buying out Virgil Abloh’s Off-White, it states ‘The luxury conglomerate will acquire the trademark to the New Guards Group-operated streetwear label, as well as work with its creative director to launch new brands and energise existing ones across its portfolio.’
The major corporation will own the majority stake in Off white, whilst Virgil maintains a 40 percent interest in the company while keeping his current role, with French luxury group LVMH obtaining a 60 percent stake.
Virgil Abloh shared the news with the following post.
In his new role, Abloh will help LVMH launch new brands and partner with existing brands “beyond the realm of fashion.” the company said in a statement. Additionally, the label will continue its licensing deal with Farfetch-owned New Guards Group, having worked with Abloh since the birth of Off-White.
Abloh will also stay on board as the artistic director of Louis Vuitton’s menswear collection, following his success since his appointment in March 2018. The transaction is expected to close within 60 days and should then see the Off-White store chain being expanded as a priority.
It is not often that black-owned brands have the capacity to compete with the majors, like Gucci’s, the Louis Vuitton. And now with the disconnection of Fenty and Off White, the opportunity to see a black brand reach such heights just got even more scarce.
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