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Luxury goods giant LVMH<\/strong> 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<\/strong>, will be orchestrated by a group of investors led by Florida real estate developer Jim Gissy<\/strong>.<\/p>\n <\/p>\n Financial details of the transaction have not been publicly disclosed.<\/p>\n <\/p>\n LVMH, which is expected to remain “a significant minority shareholder”<\/em> (close to 20%<\/strong> according to Moodie Davitt sources in France), is close to closing the deal in the coming days, according to a statement released on Friday.<\/p>\n <\/p>\n A new entity, Global Travel Retail Holdings<\/strong>, 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”,<\/em> will become key players in this new phase.<\/p>\n <\/p>\n Chris de Lapuente<\/strong>, 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.”<\/em><\/p>\n <\/p>\n <\/p>\n Lisa Bauer<\/strong>, Starboard’s CEO since 2019<\/strong>, will continue to lead the business, which will now extend from cruise ships to land-based vacation outlets. The Miami<\/strong>-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.<\/p>\n <\/p>\n “We’re very excited about the new opportunities ahead,”<\/em> 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.”<\/em><\/p>\n <\/p>\n The newly formed company under Lisa Bauer’s leadership sets out to accelerate post-Covid business growth<\/strong>, while exploring new retail opportunities on cruises and shore vacations.<\/p>\n <\/p>\n <\/p>\n\n <\/p>\n \t\tContinued leadership<\/h2>\n
Four strategic partners<\/h2>\n