LVMH Acquires Majority Stake in Bliss World.
Based in New York and founded by Marcia Kilgore, Bliss has developed successful lines of skin care and home spa products under the names Remede and Bliss, which are distributed in selected locations.
Bliss distributes a wide variety of selected beauty products through its Bliss Out catalog and its website blissworld.com.
In addition, Bliss operates the hottest spa in New York, located in Soho.
This fast-growing, innovative start-up and its young management team will become part of LVMH's Fragrance and Cosmetics Group and will benefit from LVMH's worldwide network to help in its growth and expansion into new markets.
Ms. Kilgore will continue to direct the management of the company, in particular regarding creative and aesthetic matters, and she also remains a significant shareholder.
"I am delighted with the partnership. I have great respect for the way that LVMH assists its family of brands in their development without compromising on quality or their individual positioning and independent management. As the leading luxury group in the world, LVMH can bring significant benefits to Bliss and I greatly look forward to working with the LVMH team," said Marcia Kilgore.
"We are very excited that this young innovative company is becoming part of the LVMH Group," said Bernard Arnault, President of LVMH. "We are particularly pleased that Marcia Kilgore is joining the LVMH team and that we have the opportunity to invest in this vibrant and rapidly growing company. It fits perfectly with our vision for the future of the global cosmetics market and will further expand our presence in the U.S."
LVMH Moet Hennessy Louis Vuitton is the world's leading luxury products group. Its prestige brands include Dom Perignon, Moet & Chandon, Veuve Clicquot, Krug and Pommery champagnes; Hennessy and Hine cognacs; Louis Vuitton, Loewe, and Celine luggage, leather goods and accessories; Christian Dior, Givenchy, Kenzo, and Guerlain perfumes and cosmetics; Sephora, Marie-Jeanne Godard, and Le Bon Marche in selective retailing; Fred in jewelry; and Givenchy, Christian Lacroix, and Kenzo in couture and fashion. LVMH holds a 61.25% interest in DFS, the world leader in luxury goods distribution.
LVMH Moet Hennessy Louis Vuitton ordinary shares, traded on the Paris Stock Exchange, may be accessed on the Reuter Equities 2000 Service under LVMH.PA, on Quotron under LVMHF.EU, and on Bloomberg under MC FP. Its ADRs, each equal to one-fifth of an ordinary share, trade on the Nasdaq National Market System in the US.
Additional information on LVMH can be accessed on the company's home page: http://www.lvmh.com.
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|Date:||Mar 18, 1999|
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