LVMH, the luxury group behind brands like Louis Vuitton and Moët
& Chandon, is creating a joint venture called Global Travel Retail
Holdings for its cruise retail division, including Starboard Cruise
Services. This move involves partnering with investors like Jim Gissy
and others, while keeping LVMH as an investor in the new company.
The joint venture will oversee both Starboard and Onboard Media, with
Lisa Bauer, the CEO of Starboard and Onboard Media, joining the board.
Miami-based Starboard sells handbags, jewellery and beauty products on
numerous cruise ships operated by companies including Carnival Cruise
Line, Royal Caribbean and Holland America.
The announcement, shared by Starboard on LinkedIn, highlights this as
a big step forward. LVMH also agreed to sell a major part of Cruise
Line Holdings Co, the parent company of Starboard & Onboard Cruise
Services, to a group led by Jim Gissy, yet retaining a significant share
in the new setup.
Financial details aren’t disclosed, but this move showcases a shift
in ownership while ensuring continued involvement with experienced
investors in the vacation retail sector. Gissy, from Westgate Resorts,
brings expertise to this venture, hinting at changes ahead for
Starboard's retail operations.