It's been a season of house-cleaning for luxury conglomerates, and Edun is the latest small brand to take a hit. LVMH, which first invested in Edun in 2009 and now owns a 49 percent stake in the company, announced that it would be selling its shares back to the founders. The move follows on the heels of news that Tomas Maier is shutting down after Kering chose to back out of the brand, and that Christopher Kane is also in talks with Kering to buy back stock in his own company.
"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," LVMH and Edun said in a joint statement. Whether or not Edun will be resurrected in any format in the future remains to be seen, and the brand's one brick-and-mortar store in Manhattan closed in May of this year.
Since its founding in 2005, Edun has been focused on socially conscious production and supporting trade in Africa. While its missional approach was lauded by many and may have been an important precursor to the increasing number of brands sourcing in Africa today, the brand saw high creative director turnover and struggled to create a visual identity customers were willing to buy into.
"The founders remain committed to Edun's mission for sustainable fashion and thank LVMH for its support and dedication during this journey together," the joint statement read.
UPDATE, May 9, 8:00 a.m.: This post has been updated to include a joint statement from LVMH and Edun that was shared with Fashionista.