Virgil Abloh is continuing to take the fashion world by storm as it was announced the creative director sealed a deal with LVMH Moët Hennessy Louis Vuitton where the company will be acquiring a 60% stake in his Off-White brand. What does this mean for Off-White and Virgil Abloh?

In the deal, Virgil Abloh will still retain a 40% interest in the brand as well as continue to his successful role as creative director for both Off-White and Louis Vuitton’s menswear. The brand’s holding company New Guards Group will also stay on board as the licensee, having worked with Off-White since its inception.

This agreement also places Abloh in a bigger role at LVMH, launching him a path to becoming a leading Black executive at the world’s leading luxury goods conglomerate. With this new deal, he will get an equity stake, or percentage, in any new brands and partnerships he launches. It was also revealed that Abloh will be working in new categories including Wine and Spirits and Hospitality, both groups in which LVMH has over 80 brands.

In regards to his new deal with LVMH, Virgil Abloh expressed to the NY Times: “I’m getting a seat at the table.”

He also shared that his new role is to “open doors for nontraditional luxury candidates at all points in the industry, from entry level to the top.”