New York – Fashionista is reporting that US investor LMVH is pulling out of the ethical fashion company EDUN, a company founded by Bono and Ali Henson, and that EDUN has subsequently ceased its US operations.
EDUN made the following statement today: “In light of a joint review of the business, Edun is restructuring its operations in preparation for its next chapter and LVMH will transfer its shares back to the founders. The founders remain committed to Edun’s mission for sustainable fashion and thank LVMH for its support and dedication during this journey together”
According to Fashionista, 2018 has been a tough year for eco and luxury fashion brands, and this action is related to the overall state of the industry, not EDUN specifically.
EDUN has a stated mission to produce clothing in Africa while paying a living wage.
The company has never been far from controversy, including the 2010 revelation that some manufacturing would shift to China. Most has now been moved back to Africa, and 85% of its clothing is now produced there.