PARIS, June 28 (Reuters) - French luxury group LVMH is parting ways with the eco-friendly Edun label started by singer Bono and his wife Ali Hewson, transferring its minority stake back to the founders.
LVMH said Edun was “restructuring its operations in preparation for its next chapter” following a joint review of the business.
“The founders remain committed to Edun’s mission for sustainable fashion,” a joint statement sent by LVMH said.
Reuters could not immediately reach Edun for comment.
The business is a very small part of the LVMH portfolio, which includes multi-billion euro brands such as Louis Vuitton and Christian Dior and also drinks companies including champagne maker Moet & Chandon.
But LVMH’s 2009 investment - for an undisclosed sum - underscored a move by big luxury groups towards promoting more sustainable fashion, an area they have since been building up.
Irish signer Bono, whose real name is Paul Hewson, is the lead singer of rock band U2 and a humanitarian campaigner.
Edun, launched in 2004, works with weavers and clothing workshops in Rwanda, Kenya and South Africa to help promote fair trade, and aims to source materials in an eco-friendly way, using recycled fabrics for instance. (Reporting by Sarah White Editing by Keith Weir)