LVMH buys into Swedish label Our Legacy
LVMH has acquired an undisclosed minority stake in Swedish fashion brand Our Legacy, The Business of Fashion reported.
The transaction comes following Our Legacy posting sales of €40 million (US$42.9 million) in the year ended June 30.
Our Legacy will use the proceeds of the transaction to strengthen operations and open flagship stores in key cities such as Paris, New York, Los Angeles, Tokyo, Shanghai, and Hong Kong.
Currently, Our Legacy has two stores in Stockholm, one in London and one in Berlin. It also has three stores in South Korea, in partnership with local distributor Handsome Corp.
The brand is set to open a new store in Paris in late next year.
“It’s not like we needed the investment from a cash-flow perspective – our revenue figures doubled three years in a row and we achieved really healthy profitability,” Jockum Hallin, Our Legacy co-founder, told the BOF.
“It’s more to look to the future as we build the next era.”