PARIS--(BUSINESS WIRE)--September 14, 1999--
LVMH Moet Hennessy Louis Vuitton (NASDAQ: LVMHY), the world's leading luxury products group, today announced that it has acquired a controlling equity stake in BeneFit Cosmetics ("BeneFit"), the fast-growing, San Francisco-based cosmetics company. Co-founded by the Ford sisters, BeneFit is today one of the hottest cosmetics companies in the United States, providing a full line of color cosmetics and skin care products through its own retail boutiques, a direct mail catalog, leading department stores, and specialty stores in the U.S. and abroad.
The twin sisters, having started the business drawing upon their first-hand 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 co-shareholders and senior management colleagues Timothy Warner and Eric Jimenez.
Jane Ford and Jean Ford-Danielson, Co-Founders and Co-Presidents 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 of LVMH, said, "This new partnership is an important one for LVMH. It adds a new dimension to our growing portfolio of U.S.-based businesses and is our third acquisition there this year. 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, Marie-Jeanne 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, the world leader in luxury goods ww.lvmh.com.
