19 May. 2009
LVMH TO INVEST IN EDUNBernard Arnault and Bono, co-founder of the brand Edun and singer of Irish rock band U2, have decided to partner up.
The luxury goods group, LVMH Moet Hennesy Louis Vuitton, is to take a minority stake in Edun, the socially conscious fashion label launched by Bono and his wife Ali Hewson. Financial details of the deal were not disclosed.
"LVMH shares the vision and ethical values of Edun, a pioneer in ethical apparel, and its founders,” said Arnault, in a release, of the fashion label, which has sourced its products from small plants in various corners of the world including India, Peru, Tunisia, Kenya, Uganda, Lesotho, Madagascar and Tanzania.
Added Bono, whose real name is Paul Hewson, "Edun is a small brand with a loud voice. With LVMH, we can grow bigger and faster than we could on our own and bring greater and longer-term stability to our manufacturers and the communities they support.” Edun will maintain its headquarters in Dublin and a subsidiary in New York. Mark Weber, head of Donna Karan International, will supervise LVMH's investment for the French luxury group.
The Hewsons founded Edun in 2005 with the stated aim of creating a fair trading fashion label, under the creative direction of Rogan Gregory, an artist best known for his directional jeans collections.
The deal will bring to 11 the number of fashion labels in the LVMH stable of luxury companies.
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