LVMH, Moët Hennessy Louis Vuitton, the world’s leading luxury products group and owner of Parfums Christian Dior, Guerlain and Parfums Givenchy, has completed the acquisition of Ole Henriksen, a U.S. botanical skincare company.
Ole Henriksen founded its namesake cosmetics brand in 1985, following the success of the spa he opened 10 years before and where he has been treating Hollywood’s most famous complexions. Ole Henriksen cosmetics consist of botanical-based skincare products and are currently sold in a total of 22 countries, in particular at Sephora, a subsidiary of LVMH, and in spas.
LVMH said Ole Henriksen is perfectly in line with its strategy to identify brands with strong, long-term potential and helping them to capitalize on it. The group said it will focus on Ole Henriksen’s future product development breakthroughs as well as on expanding international distribution. Mr. Henriksen will remain the brand’s creative director, however, the company, which will continue to be based in Los Angeles, expects to appoint a new CEO in early 2011, who will report to David Suliteanu, CEO and President of Sephora Americas. Terms of the transaction were not disclosed.
Last week, LVMH announced a 19% increase in revenue in 2010, exceeding the 20 billion Euro mark for the first time. The group’s Perfumes & Cosmetics business recorded revenue growth of 12% and an increase in profit from recurring operations of 14%.
