In a significant development, LVMH has inked a deal to sell a majority stake in its cruise retail business’s parent company. Led by investor Jim Gissy, the investor group is poised to take over Cruise Line Holdings Co, overseeing Starboard & Onboard Cruise Services. While LVMH retains a crucial minority share, the move reflects confidence in the innovative culture and growth-oriented mindset of the new investors.
The transaction, set to conclude shortly, marks a pivotal shift in LVMH’s portfolio. However, specific financial details of the deal remain undisclosed.
An integral part of the transition is the continued leadership of Lisa Bauer, CEO of Starboard since her recruitment by LVMH in 2019. The forward-looking strategy extends beyond cruise ships, encompassing the expansion of vacation retail locations on land.
As of the close of 2022, Starboard demonstrated a strong presence, operating successfully on 82 cruise ships. This move positions LVMH strategically in the evolving landscape of luxury vacation retail.
For the latest updates on this development and the broader luxury retail sector, stay tuned.
