LVMH Luxury Ventures has acquired a minority stake in Swedish brand Our Legacy. It’s yet another investment by Bernard Arnault, who, in addition to his well-known predatory reputation, shows that he carefully selects his investment targets. Stirring up LVMH, meanwhile, is the manner in which the alleged dismissal of human resources director Chantal Gaemperle took place.
The investment
LVMH Luxury Ventures, by taking a minority stake in Our Legacy, nets a niche investment: the brand boasts sales of 40 million euros over the period July 2023-June 2024. The brand, however, is growing strongly: thanks in part to the quiet luxury trend, it has quintupled revenues in the past three years. Business of Fashion, which broke the news, reports how this is LVMH’s second investment in a cult brand in recent years, after acquiring a stake in Teddy Santis’ Aimé Leon Dore in 2022.
The possibility of development
Our Legacy comments that they turned down several suitors until LVMH came along. The brand will use the new financial resources to strengthen operations and accelerate the next phase of growth, including the opening of flagship stores in major cities around the world. Among the Swedish brand’s best-selling products is the $600 Camion boot, made of Italian calf leather and German leather midsole. “I think the customer saw our value”, said co-founder Jockum Hallin, ”at a time when people were moving away from limited-edition sneakers and wanted a more discreet, mature attitude in clothing”.
Tensions
LVMH is starring in an alleged stormy dismissal. After 17 years in her role, LVMH board member Chantal Gaemperle, 62, was reportedly escorted out by group security officers from her office on the eighth floor. A dismissal that, according to Fashion Network reports, comes after an internal investigation into the benefits received by the group’s brands.
Read also:
- Loro Piana makes it clear: if it’s not slow, it’s not luxury
- Arnault counts his losses (starting with the -10 billion USD on the stock market)
