French luxury goods group LVMH is to take a stake in Edun, the ecological and ethical fashion brand founded by singer and campaigner Bono and his wife, the firm's CEO said today.
'We are going to take a stake in Edun, an ecological and ethical brand,' LVMH CEO Bernard Arnault told shareholders at the company's annual shareholders' meeting in Paris today. He did not give any financial details or specify the size of the stake.
Edun was launched in 2005 by Bono and his wife Ali Hewson, with the aim of encouraging sustainable employment in developing regions, especially Africa.
Bono fronts the band U2 and also campaigns for African humanitarian causes, which has led to three Nobel Peace Prize nominations.
Arnault also told shareholders that the company, which owns Dom Perignon champagne, watch brand Tag Heuer and fashion houses Louis Vuitton and Celine, had seen 'a small improvement in its wine and spirits activities'.
Like-for-like wine and spirit revenues fell 22% in the first quarter, LVMH had said last month.
Arnault added that Diageo, which owns a 34% stake in Moet Hennessy, LVMH's wine and spirits unit, was not planning to sell its stake.
