L'Officiel sold to AMTD International

Global fashion and lifestyle magazine L’Officiel has been sold to Hong Kong-based financial services company AMTD International. The sum of the deal has not been disclosed. As part of the deal, Benjamin Eymère will continue as the company’s CEO, and he has also been appointed chief metaverse officer of AMTD, a new role where he will spearhead AMTD’s metaverse business. The news was reported by Seeking Alpha.

The board will now consist of Christopher Brown, founder of Global Emerging Markets, an investment firm that backed the once Jalou Media-owned L’Officiel, and Marie-José Jalou, president of Financière Jalou, and Dr. Calvin Choi, founder of AMTD. AMTD’s goal is to establish L’Officiel’s presence in Hong Kong, Hungary, Switzerland, and the Netherland. They will also open AMTD x L’Officiel land, called Fashion Skin, in The Sandbox, a virtual metaverse.

L’Officiel took a hit during the COVID-19 pandemic like many publishing companies. However, they were also sued by the city of New York for being unable to pay freelancers. They have since settled with the City of New York.

L’Officiel’s Board of Directors has said in a statement, “L’Officiel’s 100-year history of employing writers, editors, stylists, and photographers shows our strong dedication to fashion journalism. We are committed to cooperating with the [New York City authorities] and to supporting freelance talent in the U.S. and around the world. We intend to lead the way to meaningful change across the industry.”