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PARIS
The French group of luxury brands LVMH decides to end its relationship with the ecologic fashion label Edun created by the singer Bono and his wife Ali Hewson transferring their minority interests to their founders.
LVMH says that Edun "restructures his operations in preparation for his next chapter," after a joint review of your company. "The founders remain committed to Edun's mission in a sustainable manner," said a joint statement from LVMH
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Managers of Edun – based in New York – and the Irish singer Bono – preview of Paul Hewson leader of the rock band U2 – did not respond immediately to requests for comment on the next steps
The Web site Business of Fashion previously stated that Edun would terminate his "current operations", although it is not clear if the mark will be relaunched.
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In the red
Irish business documents show that Edun has been in the red for several years, with a loss of $ 6 3 million in 2016, according to the latest available accounts, and accumulated losses of $ 80.6 million
The company is a very small part of LVMH's portfolio, which includes multimillionaire brands such as Louis Vuitton and Christian Dior as well as beverage companies such as the maker of champagne Moët & Chandon .
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However, the investment – for an undisclosed amount – made by LVMH in 2009, showed the interest of large luxury groups for greater promotion of sustainable fashion, area in which they have grown since.
Edun, started in 2004, he works with weavers and weavers in Rwanda, Kenya and South Africa to promote fair trade and seeks to source environmentally friendly materials , for example using recycled fabrics
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