LVMH is to sell a majority stake in the parent company of its cruise retail business to a group of investors led by Jim Gissy.
However, it will remain an important minority shareholder in the new entity, the luxury retail group said.
“The new investors are strategic partners in the vacation retail space with a culture of innovation and a growth mindset,” the company said in a statement.
LVMH is to sell the majority stake in Cruise Line Holdings, the parent company of the Starboard & Onboard Cruise Services businesses. It is expected to be concluded in the coming days.
Starboard CEO, Lisa Bauer, recruited by LVMH in 2019, will continue to lead the business, which will be expanded from cruise ships to land-based vacation retail outlets.
Starboard operated on 82 ships at the end of 2022, according to a Reuters report.