LVMH sells majority stake in cruise retail business

LVMH signed a deal to sell a majority stake in the parent company of its cruise retail business to a group of investors led by Jim Gissy, but will remain an “important minority shareholder” in the new entity, the luxury group said on Friday.

“The new investors are strategic partners in the vacation retail space with a culture of innovation and a growth mindset,” LVMH said in a statement.

The deal to sell the majority stake in Cruise Line Holdings Co, the parent company of the Starboard & Onboard Cruise Services businesses, is expected to be concluded in the coming days. Financial details were not provided.

Starboard CEO Lisa Bauer, recruited by LVMH for the job in 2019, will continue to lead the business, which will be expanded from cruise ships to vacation retail spots on land.

Starboard operates on 82 ships at the end of 2022.