Luxury goods house LVMH has taken a minority stake in Edun, the ethical fashion brand founded by rock star Bono and his wife Ali Hewson.
LVMH chief executive Bernard Arnault confirmed the deal at the group’s annual general meeting yesterday, although he did not give financial details, or specify the size of the stake, other than that it was a minority investment.
Edun was founded in 2005 by the U2 front man and his wife, with the mission of driving sustainable employment in developing countries.
The label is a not for profit business and the company works in partnership with the factories in India, Peru, Tunisia, Kenya and Uganda where the clothes are produced. The company also aims to encourage the fashion community to do business in Africa.
“We started Edun so people could have a choice - to choose beautiful clothes with a great story behind them. LVMH’s investment is a vote of confidence in Edun and its mission and an important step in Edun’s journey to reach its full potential,” said Hewson.
“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,” added Bono.
Edun will continue to be based in Dublin and New York.
LVMH is the luxury goods group behind brands including Louis Vuitton and Fendi.