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Bono sells slice of ethical clothing interest to LVMH
Jim Armitage14.05.09
Rock star Bono tonight sold a stake in his ethical clothing company Edun to luxury goods giant LVMH.
The owner of brands ranging from Louis Vuitton and Dom Pérignon to Hublot watches is buying up to 50% of the business.
Edun was set up by the U2 frontman and his wife Ali Hewson in 2005 to sell fashion made from organic cotton in poor parts of Peru, India, Uganda and Lesotho.
LVMH, run by Bono's friend Bernard Arnault, is expected to take some management control of Dublin-based Edun.
Currently, Edun sells predominantly in a small number of upmarket shops including Selfridges, Harrods and Harvey Nichols.
Arnault is also expected to put his design team to work to develop Edun's ranges into more fashionable styles.
The brand will sit alongside LVMH's other labels such as Kenzo, Marc Jacobs and Donna Karen.
It is the latest in a string of deals where vast conglomerates have bought into niche ethical businesses.
Cadbury bought the Green & Blacks chocolate maker in 2005 and has recently declared all of its chocolate Fairtrade, while L'Oreal bought The Body Shop a year later.
Arnault and Bono have been friends for several years, with the U2 frontman having spent time on Arnault's vast yacht, the Amadeus.
