Sometimes being bought isn't a bad thing. WWD announced this morning that LVMH Moët Hennessy Louis Vuitton has acquired luxury botanical skin care brand Ole Henriksen.
Founder and namesake of the Swedish label, Ole Henriksen, said he was ready to sell the brand after opening in Sephora stores in China last year and had to face struggles with the new market. “Every brand reaches a certain plateau, and has to ask, ‘Do I need more muscle behind me?’” Henriksen said.The Ole Henriksen line has been carried in Sephora stores since 2006 and Henriksen plans to keep it that way, noting " “My loyalty has stayed with Sephora and the reason is I love the way it goes about doing business.”
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Not too many other changes will take place under the new LVMH management. Henriksen said he will personally continue to develop products for the line and act as brand spokesman in his role as visionary-creative director. The company will continue to be based out of Los Angeles, and expects to appoint a new chief executive officer early this year, who will report to David Suliteanu, ceo and president of Sephora Americas.
If anything, the deal is a boost for the Scandinavian skincare line. It will reportedly expand Ole Henriksen’s reach to Mexico, via Sephora’s venture with Grupo Axo of Mexico City, and to Brazil, through LVMH’s partnership with Rio de Janeiro-based online retailer Sack’s.
-Alia Rajput
Article Source: WWD
Photo Source: beautytruthserum.com
