French luxury group, LVMH will be transferring its minority stake in eco-friendly company fashion Edun back to the founders, Bono and his wife Ali Hewson.
According to joint statements given to Reuters, this comes amidst Edun “restructuring its operations in preparations for its next chapter” after an assessment of the business. According to an article, Edun has also closed its New York based store in May and has plans to cease its operations in the United States. It added that Edun has been facing millions of losses since 2016, accumulating to US$80.6 million as recorded in its Irish financial accounts.
Founded in 2005 by Ali Hewson and her husband, Bono, Edun draws its inspiration and manufactures its products on the African continent. Its collections of clothing, accessories and jewelry reflect local craftsmanship but also the expression of a new Africa, steeped in dynamism, creativity and a spirit of enterprise.
Since its creation, Edun has forged partnerships with designers, producers and local manufacturers to create its unique collections. Edun supports many initiatives, as much in the artistic as in the agricultural, social and industrial spheres, all of which contribute to development in Africa.
Marketing has reached out to LVMH for comment.