Ali Hewson and Bono's Eco-Conscious Edun Brand Ceases Operations As LVMH Divests
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LVMH is divesting its 49 percent stake in the eco-conscious made-in-Africa Edun brand, founded by Ali Hewson and her husband Bono in 2005. The luxury conglomerate is selling its shares back to the founding couple with ambiguity surrounding its future. For the present, all business operations for the brand will cease. “In light of a joint review of the business, Edun is restructuring its operations in preparation for its next chapter and LVMH will transfer its shares back to the founders,” said LVMH in a statement.
The move follows news that Tomas Maier is shutting down after Kering withdrew its support, and that Christopher Kane is also in talks to buy back stock in his own company.
AOC joined many in applauding the socially conscious brand with psychological and emotive ties to Africa. In reality, the brand saw high creative-director turnover as it struggled to create a style and product reality inspiring supporters to get out their wallets.
