LVMH has announced that it is becoming a majority investor in Off-White, with LVMH and Virgil Abloh both agreeing to “jointly pursue” new projects across a wide spectrum of luxury categories.

On Tuesday, LVMH and Abloh announced a definitive agreement in which LVMH will acquire a majority stake in Off-White LLC, which is the trademark owner of Off-White. After the acquisition, per a press release, LVMH will own a 60 percent interest in the trademark. Abloh, meanwhile, will retain a 40 percent interest and will also continue as creative director of the brand.

Also continuing, of course, is Abloh’s role at Louis Vuitton as artistic director of the French fashion house’s menswear collection. 

“For nearly a decade, we’ve been building Off-White to be a brand designed to empower our generation and challenge the status quo,” Abloh said in a statement released Tuesday morning. “LVMH brings to the table the additional firepower and scale to accelerate our momentum and evolve Off-White into a truly multi-line luxury brand.”