Luxury conglomerate LVMH has said that it has sold its majority position in Cruise Line Holdings Co to Jim Gissy, the executive vice president of Florida-based Westgate Resorts, and a group of private investors.
Cruise Line is the parent company of Starboard & Onboard Cruise Services, led by chief executive officer Lisa Bauer since 2019, who will continue in the helm position alongside her executive team.
The deal, which is expected to conclude within the coming days, will see LVMH remain as a minority shareholder in the new entity.
In a statement, the fashion giant said that the group of investors were “strategic partners in the vacation retail space with a culture of innovation and a growth mindset”.
Meanwhile, in her renewed position, Bauer has been tasked with accelerating the ongoing business momentum seen following the pandemic, as well as developing new cruise retail opportunities and land-based holiday retail.
Commenting on the move, Bauer said: “We are so energised with the new opportunities that will open up to us. The entire leadership team is focused on taking the tremendous progress we have made and directing that toward continuing success in 2024 and beyond.”
In his own statement, chairman and CEO of LVMH’s Selective Retailing Division, Chris de Lapuente, said: “We are very pleased with this strategic alliance that will enable Starboard & Onboard to further develop their activities and accelerate our strong post-Covid momentum.”