THE WHAT? LVMH has sold a majority stake in Cruise Line Holdings Co, owner of Miami-based Starboard, to a group of investors headed up by Jim Gissy. Financial terms of the deal were not disclosed.

THE DETAILS According to a report published by Reuters, the luxury conglomerate will retain a minority share. Starboard CEO, Lisa Bauer will remain in situ.

THE WHY? While LVMH does not provide a breakdown of its Selective Retail division by business, presumably, it is existing the cruise retail space in a bid to focus on more profitable brands. LVMH said in a statement, per Reuters, “The new investors are strategic partners in the vacation retail space with a culture of innovation and a growth mindset.”