Bono and his wife Ali Hewson may not hide from the spotlight — ever — but they sure are sneaky little devils. LVMH will buy a minority stake in their ecofriendly fashion line Edun, even though they denied it in March. LVMH chief Bernard Arnault just announced at a shareholders meeting that his company would buy almost a 50 percent stake in the label. This comes after Hewson denied rumors that LVMH was about to throw them some cash. “I wish it were true,” she told Style.com in March. Lies! Arnault had just told WSJ. he was “in talks to invest in a fashion company with ecological and ethical goals founded by a global celebrity.” Who else could it have been? Leonardo DiCaprio and Al Gore don’t have apparel lines. Gisele’s into the eco-scene but she only makes affordable flip-flops, and LVMH isn’t exactly an affordable flip-flop kind of girl.
What does this mean for Edun? And more importantly, you? And most importantly, rich people? Edun will have lots of money to spend on marketing and production. Edun clothes could get fancier under LVMH’s guidance (Arnault promises to take a “very active role” in developing the brand). You should see more Edun ads and more Edun clothes in your everyday lives. Rich people, kind souls, shall be able to further their efforts to live green publicly. Because no one really knows if they recycle just because they say they do.
LVMH Near A Big Stake In Bono Firm [WSJ]
LVMH Poised to Take Stake in Edun [WWD]