LVMH has acquired a minority stake in Our Legacy, the contemporary Swedish fashion label known for making "classic garments from your grandfather's wardrobe" for the modern day, according to Business of Fashion. The multinational holding company's venture arm, which specializes in funding smaller luxury brands, invested an undisclosed amount in the brand, currently led by co-founders Jockum Hallin, Cristopher Nying and Richardson Klarén.
The Stockholm-based brand is the second in-demand menswear label to receive LVMH backing in recent years, after the conglomerate took a minority stake in Teddy Santis' Aimé Leon Dore in 2022. Notably, LVMH Luxury Ventures has previously invested in labels including Gabriela Hearst, Heat and Stadium Goods.
Our Legacy is already experiencing rapid growth. In the last fiscal year, the brand reported sales of €40 million EUR ($43.6 million USD), a massive increase of €30 million EUR when compared to the year prior. With LVMH, the label looks to expand even further.
“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,” Hallin told the outlet. “It’s more to look to the future as we build the next era.”
In a statement, Julie Bercovy, chief executive of LVMH Luxury Ventures, added, "Our Legacy is the epitome of the ‘quiet cool’ movement, featuring a unique blend of contemporary minimalism and creative subversion. I am resolutely convinced by its ability to push the boundaries of men’s fashion beyond its community of fans, while remaining true to its roots and identity.”
Our Legacy currently has stores across South Korea, Stockholm, London and Berlin, and the brand is stocked in roughly 250 luxury retailers. With the investment, the label looks to strengthen its direct-to-consumer channel by opening new stores in cities including Paris, New York, Los Angeles, Shanghai, Tokyo, and Hong Kong, with eyes on opening a Paris flagship late next year.
“[LVMH Luxury Ventures] don’t want us to change anything. Some of our best sellers today are products we introduced five or six years ago,” Hallin said of how the investment will affect its product offering. Instead, the investment will help Our Legacy fund "special projects, storytelling efforts and attract key hires."
Click here to view full gallery at Hypebeast
