The terms of the acquisition were not disclosed.
With the acquisition, LVMH aims to expand its Sephora subsidiary into the Brazilian perfumes and cosmetics market, reportedly one of the largest and fastest-growing beauty markets worldwide. Initially online only, but also in physical stores over time, according to the press release.
Founded in 2000, Sack’s carries over 270 brands, which it is able to sell to a client base that spans more than 830,000 customers. Sack’s is one of the top-three most frequently accessed pure-play e-commerce sites in Brazil, with 4 million unique visitors each month.
Carlos André Montenegro, co-founder and CEO of Sack’s, and his partners, Albatroz Participações and Marcelo Franco, will continue to hold a 30% stake in Sack’s.
The current management team, led by Mr. Montenegro, will remain in place and Sack’s will continue to be based in Rio de Janeiro.