Luxury luxury brands will buy luxury hotel, spa treatment, clothing brands in a $200 million deal, the company announced Thursday.
The deal, which will be announced in the coming days, will also see brands like Louis Vuitton and H&M buy luxury clothing brands and boutiques.
Luxury Brands said it plans to buy brands such as the Hennessey & Schaffhausen, the Louis Vuittes, the Hermès, the Calvin Klein and the Louis Vichy brands, as well as luxury hotels and boutique shops.
Luxuries brands will also buy brands like the Polo Ralph Lauren and Prada brands.
Luxe brands will be able to take advantage of the deal to expand into more categories and products, including cosmetics and clothing, the firm said.
“We’re very excited about this opportunity to create more value for our brands and create new opportunities for our partners,” David Zalubowski, CEO of luxury brand Luxe Brands, said in a statement.
Luxure Brands said the deal will create approximately 5,400 jobs, and the group said it expects to generate an additional $4.6 billion in annual revenue.
The announcement came amid a broader slowdown in the world’s luxury sector.
In the fourth quarter, revenue fell to $6.7 billion from $7.4 billion in the same period last year.
Lux Luxury, a unit of luxury chain Le Méridien Group, said Thursday that it would buy luxury brands including Chanel, Versace, Balenciaga and Louis Vuites, which it will sell through its own brand.
It said it will also continue to work with partners on acquisitions.
“With the Lux Luxe deal, we are creating a strategic alliance that will be complementary to our business, enabling us to drive further growth,” Le Mérantien said in the statement.