LVMH issued a statement on Friday saying that it has signed a deal to sell a majority stake in the parent company of its cruise retail business to a group of private investors led by Jim Gissy, but will remain an “important minority shareholder” in the new entity. Gissy is one of Central Florida’s largest real estate investors
“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.
According to Reuters, 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.
Lisa Bauer, CEO of Starboard and Onboard Media, will continue to run the business as well as serve on the company’s board of directors.
Starboard posted the following notice on LinkedIn on Friday afternoon, Dec. 8.
Capping off an incredible year for Starboard and Onboard Media, we are thrilled to announce the formation of a new Joint Venture company, Global Travel Retail Holdings, welcoming four new investors who will take ownership positions in Starboard and Onboard together with LVMH.
Joining LVMH in the new ownership group are new Board Chair Jim Gissy, Board Vice Chair Marcia Rowley along with her husband John Rowley, the family office of Central Florida-based billionaire David Siegel, and Hannaford Investments, LLC, co-owned by Michael and Crisa Marder.
“I’ve known and worked with Jim, Marcia, John, and David for nearly 20 years. Having worked alongside them driving profitable growth and excellent customer experience, I knew they were the perfect partners to help take Starboard and Onboard Media forward. Our entire company is excited for this next phase of expansion. We have been very fortunate to be a Maison within the LVMH Group since 2000, and we are appreciative of LVMH’s continued and important participation in the venture going forward,” commented Bauer in the post, which ends with “Cheers to curating a vibrant world in 2024 and beyond!”
TMI will continue to report news as it becomes available.
