Overview
The BFKN Corporate & Securities and Luxury Group served as legal counsel to LVMH, the French multinational holding and conglomerate specializing in luxury goods, in the sale of its majority stake in Cruise Line Holdings Co., the parent company of the Starboard and Onboard Cruise Services businesses, to a group of investors led by Florida property developer Jim Gissy. LVMH will remain a minority shareholder in the new entity.
Starboard CEO Lisa Bauer who was 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. With more than 700 duty-free shops, Starboard has transformed the cruise ship industry into a shopping destination in its own right. Starboard’s offerings include luxuries such as fine jewelry, Swiss watches, leather accessories, and beauty products. "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.
BFKN served as lead counsel to LVMH. The team was led by Daniel L. Dominguez and Kait E. Kelly with assistance from Brandon P. Knop. Michael J. Towne and Megan E. Toal counseled LVMH with respect to tax matters. Andrew K. Strimaitis, Corwin J. Carr and Alex Freund advised on executive compensation and employment matters.
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