Dive Brief:
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LVMH Luxury Ventures has acquired a minority stake in streetwear brand Aimé Leon Dore, according to a press release emailed to Retail Dive on Tuesday. The amount was not disclosed, but according to its website LVMH Luxury Ventures typically makes equity investments of between 2 million euros ($2.3 million at press time) and 15 million euros in companies with revenue between 3 million euros and 30 million euros, seeking stakes of 5% to 25%.
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Aimé Leon Dore will continue to operate independently in New York City, "with support and guidance from LVMH Luxury Ventures," per the release.
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Founded in 2014 by fashion designer Teddy Santis, Aimé Leon Dore is known for its ready-to-wear clothing, footwear, accessories and "special projects," including partnerships with other brands. Santis last year was also named creative director of New Balance MADE in USA.
Dive Insight:
Streetwear's ascent to high fashion is no longer news — the late Virgil Abloh, among others, made sure of that. What is relatively new is the investment being made by legacy companies like LVMH.
LVMH Luxury Ventures was established a few years ago to make this kind of claim on this market; one of its first moves was to back New York City-based sneaker startup Stadium Goods.
Aimé Leon Dore possesses the category-busting confidence that Abloh was also known for, "weaving together the city's disparate influences across art, sport and music," as the brand said in its release Tuesday. Its flagship store in New York's Nolita neighborhood also houses Café Leon Dore, "an extension of the brand's community that carries coffee, pastries and items from Greece — a cultural nod to Santis' family roots and history."
The infusion from LVMH will be key to growth, Santis said in a statement. The investment effort aims to "support desirable, high potential brands, with clear identities and built to address clients’ desires today and into the future," according to the LVMH Luxury Ventures site.
"LVMH's vast network of global leaders across the industry and its rich history in growing exceptional storied brands offers a truly unique partnership opportunity to fuel the next chapter of growth for Aimé Leon Dore," Santis said.
