By  on February 24, 2014

MILAN — LVMH Moët Hennessy Louis Vuitton said Monday it has formed a joint venture with Italian designer Marco de Vincenzo to develop his ready-to-wear label, confirming a WWD report.

Terms were not disclosed.

According to sources, the agreement gives LVMH a “significant” minority holding in de Vincenzo’s Rome-based company, with options to tighten the partnership and increase its stake down the road, as reported.

Delphine Arnault — the daughter of LVMH chairman and chief executive officer Bernard Arnault and second in command at Louis Vuitton — spearheaded the deal as the group’s leading scout for new designers.

She lauded de Vincenzo’s talent and said, “We are convinced that together we will develop successfully his brand. This new partnership is in the DNA of LVMH, which has always supported young designers.”

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De Vincenzo becomes the fourth designer in the last two years to attract investment from LVMH, joining Paris-based Maxime Simoens and London designers J.W. Anderson and Nicholas Kirkwood on its roster of fashion names.

De Vincenzo has worked on accessories at Fendi, an LVMH brand, for 13 years, and will continue to do so. He said the partnership would help him take his signature brand, introduced in 2009, to the next level.

“Through Fendi, I have known and appreciated LVMH,” the 34-year-old said. “Today, a new phase starts. The challenge is exciting and ambitious.”

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