LVMH acquires minority stake in Swedish menswear brand Our Legacy: Why it matters

LVMH Luxury Ventures has acquired a minority stake in Swedish label Our Legacy. The investment will support the brand’s ambition of “entering new markets, opening flagship stores in key cities and continuing to provide a global audience with the best product and design possible”, according to a statement.

“Our Legacy is the epitome of what we could call the ‘quiet cool’ tendency, featuring a unique blend of contemporary minimalism and creative subversion,” Julie Bercovy, CEO of LVMH Luxury Ventures Advisors, said in the statement.

“LVMH Luxury Ventures will contribute knowledge, experience, and most importantly, they understand and support our journey toward becoming a truly global designer brand,” Our Legacy CEO Richardos Klarén said.

Our Legacy was founded in 2005 in Stockholm by friends Jockum Hallin, Christopher Nying and Klarén. The 20-year-old label has seen prolific growth since the pandemic, as the menswear pendulum swung away from streetwear to more sophisticated contemporary fashion. Sales grew 80 per cent to €30 million in fiscal year 2023, ending June, according to the brand, as previously reported.

LVMH Luxury Ventures, an activity within LVMH Group launched in 2017 aimed at taking minority stakes in luxury brands with high-growth potential, already invested in luxury ready-to-wear brand Gabriela Hearst (2019), streetwear brand Aimé Leon Dore (2022) among others. The companies in which LVMH Luxury Ventures invests are not intended to be acquired by the LVMH Group.

Our Legacy is a unique label in the fashion landscape, known for high-quality menswear with intricate design signatures (an asymmetrical stitch here, an interesting bit of hardware there). Its hero items include its viral leather camion boots, plus minimalist outerwear and knitwear, all retailing at contemporary price points (€150-€1,500). The brand eschews the trend cycle and traditional fashion shows, instead preferring community events such as its pop-up market with retailer Slam Jam (SS24). This approach has allowed the label to maintain a die-hard fanbase and high growth over the last five years without falling victim to the hype cycle, flash-in-the-pan success of other contemporary menswear players.

In recent years, it’s boosted brand awareness via buzzy collaborations with labels from Stüssy to Emporio Armani via its line Our Legacy Workshop. However, the bulk of revenues come from its main line, with roughly 200 stockists and seven of its own stores.

“Our Legacy is a sound investment, and it’s not just because of the numbers,” says James Harris, one half of menswear podcasting duo Throwing Fits, which has been a huge proponent of Our Legacy (the brand credits the podcast with driving business in the US, now the brand’s biggest market in terms of revenue). “This isn’t an overnight success story. It’s not an overnight rise based on celebrity endorsements. They’re not getting by on stunt marketing, virality or flash-in-the-pan moments,” he says. “It’s grown at a pace they wanted to set for two decades. LVMH isn’t trying to capture lightning in a bottle here.”

“I am resolutely convinced by its ability to push the boundaries of men’s and women’s fashion beyond its community of fans while remaining true to its roots and identity,” Bercovy said.

LVMH is not the only one investing in promising medium players. Chanel’s Wertheimer family, via their investment vehicle, Mousse Partners, and L’Oréal’s Bettencourt Meyers, through the family vehicle, Tethys Invest, acquired a minority stake in The Row last month, per Bloomberg.

“There’s only so many brands that can exist at the tippity top of the luxury pyramid,” Harris says. “These groups like LVMH are now understanding that there’s another strata of brands, of menswear, that have a strong customer base. LVMH [Luxury Ventures] understood this with Aimé Leon Doré and now with Our Legacy, that there’s space for (and a customer for) this level of contemporary menswear.”