LVMH Agrees to Acquire 70% of Brazilian Online Fragrance Retailer Sack's
LVMH Moet Hennessy Louis Vuitton SA, the world’s largest luxury-goods maker, said it agreed to buy 70 percent of online fragrances and cosmetics retailer Sack’s to take its Sephora beauty chain into Brazil.
Sack’s current management, led by co-founders Carlos Andre Montenegro and Marcelo Franco, will remain in place, Paris-based LVMH said today in a statement, without disclosing the price.
Sack’s, based in Rio de Janeiro, offers 270 brands and serves more than 830,000 customers, according to the statement. The 10-year-old online retailer gets 4 million individual Web visits each month, making the e-commerce site one of the top three most frequently accessed in Brazil, LVMH said.
First-quarter sales at LVMH’s selective retailing division, which includes Sephora, rose 9 percent to 1.18 billion euros, the luxury goods company reported April 13. Sephora gained market share in all regions and will continue expanding its retail network, LVMH said at the time.
LVMH rose 15 cents to 85.35 euros as of 9:42 a.m. in Paris trading. The stock has gained 8.8 percent this year, giving the company a market value of 41.8 billion euros ($52.3 billion).
To contact the reporters on this story: Andrew Roberts in Paris at aroberts36@bloomberg.net.
Rate this Page