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LVMH LVMH.PA has signed a deal to sell a majority stake in the parent company of its cruise sales business to a group of investors led by Florida real estate developer Jim Gissy, but will remain a “significant minority shareholder” in the new entity, the luxury group declared on Friday.
“The new investors are strategic partners in holiday retail, with a culture of innovation and a growth mindset,” LVMH said in a statement.
The sale of the majority stake in Cruise Line Holdings Co, the parent company of the Starboard and Onboard Cruise Services businesses, is expected to be completed in the coming days. Financial details were not disclosed.
Starboard chief executive Lisa Bauer, recruited by LVMH for the role in 2019, will continue to lead the business, which will be expanded from cruise ships to land-based vacation outlets.
Starboard, headquartered in Miami, sells handbags, jewelry and beauty products on dozens of ships owned by companies including Carnival Cruise Line, Royal Caribbean and Holland America.
LVMH does not detail the turnover of this activity, which is part of its selective distribution business, which also manages the Sephora beauty products chain and the DFS travel products retail business.
Mr. Gissy is executive vice president of timeshare company Westgate Resorts in Florida.