LVMH Moët Hennessy Louis Vuitton has relinquished its stake in Paris-based brand Maxime Simoëns, according to WWD. You may recall that the French conglomerate acquired a minority stake in 28-year old designer Maxime Simoëns' eponymous label in 2013, following rumors that he was being considered for the creative director position at Christian Dior, which Raf Simons subsequently filled.
Simoëns - who graduated from the School of Conde de Lyon and apprenticed for Elie Saab, John Galliano while he was at Dior, and Nicolas Ghesquiere during his tenure at Balenciaga before launching his label - was reportedly using the LVMH investment to fund international expansion of his brand. He confirmed to WWD that his partnership with LVMH is no more, but that he is still "very confident" in his eponymous company's future.
According to industry sources, things have not been so rosy for Simoëns' eponymous label while he under the LVMH umbrella. The designer has reportedly been forced to cut back his staff and is "taking a pause" with his collection. Under the direction of Louis Vuitton EVP, Delphine Arnault, LVMH has invested in a number of young brands, including those of British shoemaker Nicholas Kirkwood and designer J.W. Anderson.
UPDATED (7/3/2017): Since his fall out with LVMH, Simoëns "has been focusing on M.X, a men’s wear concept that has gained enough traction to open a store in the Marais last week," per Vogue. He also made his debut as Azzaro's creative director by way of a couture presentation this weekend; Simoëns was appointed to the position in March 2017.