Off-White, an Italian luxury label founded by American designer Virgil Abloh, has entered into another rarefied space in the fashion world. The French retail empire LVMH has just announced that it is set to acquire a majority stake in the company, making Abloh, a Black designer and creative from Rockford, Illinois, into a new-age Karl Lagerfeld.

While LVMH has not purchased the day-to-day operations of Off-White, it has been rumored to have spent a Brinks truck-worth of money to obtain a 60 percent stake in the brain of Off-White. Abloh will maintain 40 percent interest in the company while keeping his current role. Additionally, New Guards Group will stay on board as the label’s operating partner, having worked with the 40-year-old artistic director since the company’s birth.

Abloh will continue to oversee Louis Vuitton’s menswear collection, following the immense success the company has had since his appointment in March 2018.

In less than a decade, Off-White has become one of the most influential luxury streetwear brands in the world. With coveted drops including hoodies, bags, and sneakers, the label has collaborated with brands, such as Nike, IKEA, Byredo, Jimmy Choo, and more.

The news comes as LVMH looks to grow its already stocked portfolio, working with the designer to create opportunities for Off-White to expand into categories including Wine and Spirits and Hospitality, as well.