LVMH
This article was originally published in The Rose Sheet
Executive Summary
Acquires 100% stake in French fragrance and cosmetics retailer Marie-Jeanne Godard, the second largest selective fragrance and cosmetics chain in France after LVMH's Sephora, the luxury goods company announced May 28. With stores in 60 "medium-size" French cities, as well as a presence in Portugal, Spain and Poland, Marie Jeanne Godard should complement the Sephora business in larger cities, LVMH said. Marie Jeanne Godard generated sales of $134.2 mil. (791 mil. FFr) in 1997. Sephora Chairman Daniel Richard is serving as CEO of Marie-Jeanne Godard. LVMH expects the purchase to have a positive effect on net income in 1998. Separately, LVMH announced it has terminated the deal in which Sephora and the fragrance retailer Douglas would each assume a 30% minority ownership in the other retailer. LVMH plans to open between 13 and 15 Sephora stores in the U.S. during 1998, beginning with a flagship U.S. store in SoHo in July...