British luxury e-commerce platform Farfetch announced the acquisition of the Italian group New Guards, which owns several fashion brands including the Off-White brand, launched by Virgil Ablok who is also the artistic director of Louis Vuitton Homme.
Upon publication of its quarterly results on Thursday, Farfetch announced in a press release the “100% acquisition” of the Milan-based New Guards group, “for an enterprise value of 675 million dollars”, or about 600 million euros.
The transaction is expected to close in the third quarter of 2019, according to the UK’s high-end online fashion retail platform, which was listed on the New York Stock Exchange less than a year ago.
New Guards owns several brands, including luxury streetwear, the most famous of which is Off-White, a label launched in 2013 and highly appreciated by millennial customers.
Its creator, the American Virgil Ablok, is one of the most influential current designers in fashion: Louis Vuitton, the world’s leading luxury brand owned by LVMH, recruited him in March 2018 to design its men’s collections.