LVMH Buys Minority Stake in Edun, Bono's Organic Clothing Company
Reuters reports that LVMH is buying a minority stake in Edun, an eco-friendly fashion start-up founded by U2 star Bono and his wife. Edun specializes in organic clothing, graphic tees, and eco clothing with a mission to drive sustainable employment in developing economies. The company was founded in 2005 by Ali Hewson and Bono. Some of the countries the clothes are made in include India, Peru, Uganda, Kenya and Lesotho.
We are proud to contribute to the operational development of Edun and to the improvement of living standards of local communities," LVMH Chief Executive Bernard Arnault said in a statement.
The French group's other fashion brands include Celine, Kenzo, Donna Karan and Louis Vuitton.
Bono, whose real name is Paul Hewson, is the lead singer of rock band U2 and an active humanitarian campaigner, nominated for the Nobel Peace Prize.
"With LVMH, we can step up (Edun's) development, giving greater stability to our suppliers and the local communities they support," Bono said in LVMH's statement.
A Wall Street Journalstory calls LVMH's investment in Edun a near 50% stake. Reuters says Edun will keep its headquarters in Dublin and run a subsidiary in New York. Mark Weber, head of Donna Karan International, will supervise LVMH's investment in Edun.
Reuters 
