LOS ANGELES (Fortune) -- In what came as surprising news on a Tuesday morning in Hollywood, California, local streetwear brand The Hundreds has been acquired in a covert high-stakes bidding war by Moet Hennessy - Louis Vuitton S.A., also known as LVMH.
From what has been gathered in a vague press release distributed by LVMH earlier this morning, the French holding company agreed to acquire privately-held The Hundreds is Huge, Inc. in a deal worth approximately $18 million in cash and stock.
The Hundreds, based in the Fairfax District of L.A., designs and distributes apparel that caters to the burgeoning "streetwear" category, a hotbutton forecasting term for what is next in hip, young fashion. Apparently, this is what initially attracted LVMH to the buzzworthy upstart label, which has been having difficulty as of late in maintaining the attention of young consumers. "Streetwear is natural to us," LVMH CEO and Chairman Bernard Arnault stated at a charity gala last Fall. "After all, Louis Vuitton did create the world's first all-over-print."
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