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LVMH Acquires Controlling Stake in Benefit Cosmetics
PARIS(BUSINESS WIRE)September 14, 1999
LVMH LVMH Mot HennessyLouis Vuitton (upscale retailer) Moet Hennessy Louis Vuitton The Louis Vuitton Company (more commonly known simply as Louis Vuitton) is a luxury French fashion and leather goods brand and company, headquartered in Paris, France. market for overthecounter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : LVMHY), the world's leading luxury products group, today announced that it has acquired a controlling equity stake in BeneFit Cosmetics ("BeneFit"), the fastgrowing, San Franciscobased cosmetics company. Cofounded by the Ford sisters, BeneFit is today one of the hottest cosmetics companies in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,[url=http://nikefree.mobilejeti.com]nike free[/url],227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , providing a full line of color not of the white race; commonly meaning, esp. in the United States, of negro blood, pure or mixed.
See also: Color cosmetics and skin care products through its own retail boutiques, a direct mail catalog, leading department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. and abroad.
The twin sisters, having started the business drawing upon their firsthand experience using cosmetic products professionally during their previous modeling careers, have presided over its strong and profitable growth and will remain in charge of managing the company. They will continue to own a minority stake in the business, along with coshareholders and senior management colleagues Timothy Warner and Eric Jimenez.
Jane Ford and Jean FordDanielson, CoFounders and CoPresidents of BeneFit, said: "We are delighted to have concluded this exciting transaction with the perfect partner for BeneFit. LVMH won us over by being such a dedicated and respectful owner of branded consumer businesses, a very supportive shareholder and a keen proponent of international expansion. All of us at BeneFit are thrilled at the opportunity to combine LVMH's outstanding expertise and global reach with a whimsical and uniquely American brand like BeneFit. Together, we will deliver a definitive blend of the most innovative products in the international marketplace."
Patrick Choel, President of LVMH's Perfumes and Cosmetics Division, said, "We are particularly pleased to announce a strategic partnership with BeneFit. This highly successful company combines uniquely designed and formulated products that truly work wonders, with a strong sense of joy and fun in everything that they do. It is a perfect fit with the rest of our business."
Bernard Arnault, Chairman and 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. of LVMH, said, "This new partnership is an important one for LVMH. We are very happy with this transaction and very bullish about BeneFit's prospects."
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, MarieJeanne 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 (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.