Last week, Beyonce and Jay Z were named brand ambassadors for Tiffany & Co, which was recently acquired by LVMH. Lately, most of the big announcements from LVMH have been folks who are connected to the culture in some way.
The luxury world leader has acquired a stake in Virgil Abloh’s Off-White LLC. It bought 50% of Jay Z’s Ace of Spades. A few months ago, Travis Scott collaborated with LVMH’s Dior on its 2022 Men’s collection. Plus, LVMH, backed Fenty Beauty and launched the unsuccessful Fenty maison
LVMH is a hip-hop company. The richest person in the world is a hip-hop fashion CEO. LVMH may not position itself that way, but now it’s too reliant on the culture not to be.
I am eager to see how the dynamic shifts. European fashion houses looked down on the early 2000s hip-hop fashion brands like Enyce. Now hip-hop is the driving force behind European brands. But as artists see the value and the wealth that Arnault and other execs have attained, will the dynamic continue to evolve.
I’ll write more on this topic eventually, but I’ll be watching this space int he meantime.