LVMH is set to sell a majority stake in its cruise ship retail business to a group of investors led by Florida real estate developer Jim Gissy. This transaction will mark the birth of Global Travel Retail Holdings, a new entity positioned to drive innovation and growth in the vacation retail sector.
Luxury goods giant LVMH recently signed an agreement marking the sale of a majority stake in its cruise retail business. The sale, including Starboard Cruise Services and Onboard Media, will be orchestrated by a group of investors led by Florida real estate developer Jim Gissy.
Financial details of the transaction have not been publicly disclosed.
LVMH, which is expected to remain “a significant minority shareholder” (close to 20% according to Moodie Davitt sources in France), is close to closing the deal in the coming days, according to a statement released on Friday.
A new entity, Global Travel Retail Holdings, has been specially created to manage the newly-formed company. The investors, described as “strategic partners in vacation retail with a culture of innovation and a growth mindset”, will become key players in this new phase.
Chris de Lapuente, CEO of LVMH’s Selective Retailing division, expressed his satisfaction: “We are very pleased with this strategic alliance, which will enable Starboard and Onboard to develop their businesses and accelerate our strong post-Covid momentum.”
Continued leadership
Lisa Bauer, Starboard’s CEO since 2019, will continue to lead the business, which will now extend from cruise ships to land-based vacation outlets. The Miami-based company sells handbags, jewelry and beauty products on dozens of ships owned by companies such as Carnival Cruise Line, Royal Caribbean and Holland America.
“We’re very excited about the new opportunities ahead,” she said. “The entire management team is focused on building on the significant progress we’ve made and directing it toward continued success in 2024 and beyond.”
The newly formed company under Lisa Bauer’s leadership sets out to accelerate post-Covid business growth, while exploring new retail opportunities on cruises and shore vacations.
Four strategic partners
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