Acquisition of a Controlling Interest in Thomas Pink Holdings Limited by LV Capital.NEW YORK--(BUSINESS WIRE)--Sept. 24, 1999-- LVMH LVMH Moët Hennessy-Louis Vuitton (upscale retailer) , the world's leading luxury goods group, today announced that it has acquired a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in Thomas Pink Thomas Pink is a retail clothing business which started in London in 1984. The concept was created by three Irish entrepreneurs, brothers James, Peter and John Mullen. The company was named for an 18th century London tailor who was known for making much sought-after red ('pink') , the leading luxury shirt brand in the UK. As part of the transaction, LVMH will also invest in Thomas Pink to accelerate the company's plans to open additional stores outside of the United Kingdom, especially targeting major cities in the US and Europe. Rationale for the Transaction Following the foundation of Thomas Pink as the leading luxury shirt brand in the United Kingdom, the brand has been successfully transferred to the US market with the establishment of a flagship store, the largest shirt store in the world, on Madison Avenue in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Thomas Pink has decided that the time is right to bring in a new partner to assist in the next stage of the company's development. In LVMH, Thomas Pink gains a partner with an unrivalled track record in global brand development and multi-channel retailing. "Thomas Pink is a strong brand which will benefit from the expertise within the LVMH group and access to additional growth capital. We anticipate being able to accelerate the development of Thomas Pink and are delighted that the existing management team will remain central to the brand's future." said LV Capital President, Daniel Piette. "We are very excited about Thomas Pink's future and believe our partnership with LVMH will yield significant synergies in the roll-out of Thomas Pink worldwide through a variety of distribution channels " said Thomas Pink CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Des Swan. Information on Thomas Pink Thomas Pink has established itself as one of the leading British luxury brands and the dominant player in the design, sourcing and retailing of exclusive shirts, ties and accessories for men and women. The company takes a traditional high quality product, the handmade Jermyn Street shirt, and presents it in an updated way, with an expanded product range in terms of fabrics and sizes, distinctive store format and packaging, and superb service. Thomas Pink currently operates 20 stores, 13 of which are in London, including flagship stores on Jermyn and Sloane Streets, three airside air·side n. The part of an airport directly involved in the arrival and departure of aircraft. airside Noun the part of an airport nearest the aircraft stores at Heathrow airport and a large Selfridges concession. The company also has stores in Glasgow, Edinburgh and Dublin, as well as two stores in the United States. The company also sells its products through mail order and the internet. Thomas Pink Holdings Limited was advised by Morgan Stanley Dean Witter. www.thomaspink.co.uk Information on LVMH LVMH, the world's leading luxury goods group, produces and sells wines & spirits, fashion & leather goods, and perfumes & cosmetics under brands which include Dom Perignon, Moet et Chandon, Veuve Clicquot Ponsardin, Krug, Pommery, Hennessy, Hine, Louis Vuitton, Loewe, Givenchy, Kenzo, Celine, Parfums Christian Dior Parfums Christian Dior is the make-up and perfumery line of Christian Dior SA, based on the company created by twentieth-century fashion designer Christian Dior. It was created in 1947 with the launch of Miss Dior perfume. and Guerlain. LVMH's Selective Retailing division was created in December 1998 and includes DFS (Distributed File System) An enhancement to Windows NT/2000 and 95/98 that allows files scattered across multiple servers to be treated as a single group. With Dfs, a network administrator can build a hierarchical file system that spans the organization's LANs and , Sephora and Le Bon Marche. LVMH also has considerable expertise in managing its own branded boutiques around the world. LVMH'S shares are listed on the Paris stock exchange and NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on in New York (LVMH.PA). www.lvmh.com Information on LV Capital In 1998, LVMH set up LV Capital with a charter to make investments in dynamic businesses with significant potential for growth. |
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