In a strategic move that underscores the burgeoning popularity of Scandinavian fashion, LVMH Luxury Ventures has acquired a minority stake in the Swedish menswear label Our Legacy. Co-founded by Jockum Hallin, Cristopher Nying, and Richardos Klarén, Our Legacy has risen to prominence as a purveyor of understated and innovative menswear, with a business valuation that has impressively surged to €40 million over recent years.
Since its inception in 2005 as a simple line of graphic T-shirts, Our Legacy has transformed into a global fashion force, appealing to a demographic increasingly drawn to the principles of “quiet luxury.” This investment follows a remarkable trajectory in which the brand multiplied its sales five-fold, hitting €40 million for the fiscal year ending June 30, 2024. For many brands navigating the unpredictable waters of retail, such growth is not only an achievement but a testament to a well-executed business strategy and an evolving consumer landscape.
The co-founders have indicated that despite their growth, the brand was selective about potential investors, rebuffing multiple overtures before LVMH appeared as a viable option. “It’s not like we needed the investment from a cash-flow perspective. Our revenue figures doubled three years in a row, and we achieved really healthy profitability,” Hallin stated. This highlights a crucial aspect of Our Legacy’s strategy; the focus is not merely on financial gain but on enhancing their brand identity and expanding their international footprint.
With fresh investment from LVMH, Our Legacy aims to bolster its operations, targeting flagship store openings in major global cities such as Paris, New York, Los Angeles, Tokyo, Shanghai, and Hong Kong. The luxury conglomerate’s involvement is particularly interesting as it typically seeks to elevate brands without compromising their core identity. This echoes LVMH’s previous initiatives, as their investment in New York-based streetwear label Aimé Leon Dore in 2022 signified a budding interest in niche luxury menswear brands that embrace contemporary designs while radiating authenticity.
The increasing demographic of luxury consumers is gravitating towards a more minimalist aesthetic, contrasting sharply with the louder streetwear trends that dominated recent years. As such, Our Legacy’s offerings, which include premium denim and soft tailoring, resonate profoundly within the shift towards elevated, logo-free dressing. Noteworthy items such as the $600 Camion leather boot exemplify the label’s commitment to quality and craftsmanship, aligning well with the evolving consumer preferences that prioritize timeless over trendy.
The LVMH investment is not merely about expanding their flagship stores; it involves enhancing the direct-to-consumer business model that Our Legacy has thrived upon. Presently stocked in around 250 luxury retailers, the brand aims to pivot towards a more robust presence in direct sales—a strategy that could very well redefine its reach and customer engagement. Current markets heavily favoring their products include South Korea, the UK, and North America.
The collaboration with LVMH is also particularly strategic in light of the rising trend of collaborations within the fashion sector. Our Legacy’s previous partnerships with the likes of streetwear leader Stüssy and luxury giant Emporio Armani have positioned the brand as a recognized name in both niche and mainstream fashion circles. This partnership blueprint reflects a larger movement in fashion where brands are leveraging creative collaborations to amplify their market presence.
Julie Bercovy, CEO of LVMH Luxury Ventures, affirmed the brand’s potential saying, “Our Legacy is the epitome of the ‘quiet cool’ movement, featuring a unique blend of contemporary minimalism and creative subversion.” This statement reinforces LVMH’s intent to retain and build upon the existing brand ethos of Our Legacy while also facilitating its growth into new demographics.
As Our Legacy approaches this new chapter following the investment, the co-founders have expressed no intention to alter the core offerings that have garnered them their loyal customer base. Hallin noted that LVMH supports maintaining their authentic brand identity, which has been pivotal to their success thus far.
In conclusion, LVMH’s minority stake in Our Legacy not only validates the brand’s evolution into a prominent player in the luxury menswear market but also sets the stage for greater visibility and accessibility. As the brand continues to develop its offerings and broaden its global presence, it remains to be seen how this partnership will impact the evolving landscape of menswear and the future growth of Our Legacy.
