The terms of the transaction between LVMH and Bluestar Alliance were not disclosed.

LVMH stated it is proud of the legacy that its global luxury streetwear brand Off-White has built under Virgil Abloh's visionary leadership since 2012.

The conglomerate believes Bluestar Alliance is the perfect partner to carry that legacy forward.

LVMH said: "Bluestar Alliance shares our commitment to respect creative integrity, and we are confident that, under their stewardship, Off-White will continue to innovate while respecting the spirit and values ​​of the brand."

Joey Gabbay, CEO of Bluestar Alliance, highlighted that acquiring Off-White represents a unique opportunity to honour and build upon the enduring legacy of Abloh.

According to Gabbay, Abloh was a creative pioneer who had a profound impact on the global fashion industry and creative community.

He said: "His visionary approach to fashion resonates deeply with our core values. Abloh's ability to fuse street culture with high fashion has laid a powerful foundation that aligns with our vision of fostering innovation while embracing diversity, and the opportunity to provide strategic investment and build upon our global network of resources will allow for the continuation of the cultural and creative momentum that Virgil ignited, one that Bluestar Alliance is committed to carrying forward."

Bluestar Alliance owns, manages, and markets a portfolio of consumer brands that span across many tiers of distribution with a heavy emphasis on department store retail brands.

Brands within the portfolio include Hurley, Scotch & Soda, bebe, Elie Tahari, Kensie, Justice, Catherine Malandrino, Nanette Lepore, English Laundry, Brookstone, Joan Vass and Limited Too.

Last year LVMH renewed its commitment to reduce its overall water consumption by 30% by 2030 across all activities, including its fashion and leather goods manufacturing.