Congratulation to all our frineds + partners at EDUN . This couldbe a big step for Ethical Fashion
RIS, May 14 (Reuters) - LVMH is to take a minority stake
in Edun, the ecological and ethical fashion start-up founded by
Irish singer and campaigner Bono and his wife, the world's
biggest luxury group said on Thursday.
Launched in 2005, Edun aims to promote sustainable
development and fair trading by selling T-shirts and dresses in
organic cotton made in countries such a India, Peru, Uganda,
Kenya and Lesotho.
Financial details of the deal were not disclosed.
"We are proud to contribute to the operational development
of Edun and to the improvement of living standards of local
communities," LVMH 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
the rock band U2 and a active humanitarian campaigner, nominated
for the Nobel Peace Prize.
"With LVMH, we can step up its (Edun's) development, giving
greater stability to our suppliers and the local communities
they support," Bono said in LVMH's statement.
Edun will maintain its headquarters in Dublin and a
subsidiary in New York. Mark Weber, head of Donna Karan
International, will supervise LVMH's investment for the French
luxury group.
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