Luxury giant now owns 65% of the Russian cosmetic retailer
The international luxury group LVMH has bought 65 percent stake of Russian beauty products retailer Ile de Beaute, in which it first acquired a minority stake in 2008. LVMH is seeking to expand its exposure to the Russian beauty market and the company hopes that Ile de Beaute, claimed to be Russia's second-largest beauty products retailer with 125 stores nationwide, will accelerate this move.
LVMH first acquired a 45 percent stake in Ile de Beaute in 2008 and had an option to acquire control by the end of 2010. The company said the current management team of Ile de Beaute remained in place while the transaction was handled by LVMH's beauty products retailer, Sephora.