The new partnership will see the investment of some $300 million in luxury hotels and tourism infrastructure in Sochi to make it a new Courchevel.
Photo: Alexey Kudenko
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The French to Make a Courchevel out of Sochi
A Russian company has bought 50 percent in French Lacroix Luxe Sport, a major ski brand, ahead of the visit of Olympic officials to Sochi to examine its bid for the 2014 Olympics. Lacroix, which once promoted the Courchevel resort, is now ready to invest as much as $300 million in Sochi to “change the ambiance” in the city and attract to the resort such high-profile business partners as LVMH, Chanel and Christian Dior.
Lacroix Luxe agreed last Friday to sell 50 percent in the company to the Cayman Islands-registered Allure of Dmitry Shumkov, Bertnard Roy, director general of Lacroix Luxe France, told Kommersant. Bertnard Roy is one of the creators of the French Courchevel ski resort which has become a Mecca for Russian rich and famous.
The deal is to be closed within three months. Allure’s owner Dmitry Shumkov is a St. Petersburg-born professional lawyer close to Deputy Prime Minister Dmitry Medvedev.
Lacroix Luxe Sport is a premium-class ski producer. The company has co-branding contracts with luxury brands as Chanel and BMW.
The parties confirm that the deal is timed to the visit of the International Olympic Committee’s evaluation commission to Sochi as the city bids to host the 2014 Olympic Games. The new partnership will see the investment of some $300 million in luxury hotels and tourism infrastructure in Sochi following the development pattern of Courchevel, Mr. Roy said in an interview with Kommersant. Lacroix is currently negotiating terms with its French partners to come to work in Sochi. A tentative agreement has already been reached with Chanel.
It is still unclear, though, who will finance Dmitry Shumkov and his French partners’ projects. Lacroix would not comment rumors Sunday that the gas giant Gazprom or the state-owned arms trader Rosoboronexport may become investors. Still, this is a project that could convince Olympic officials that Sochi’s bid will have the backing of the luxury industry, the Games’ major sponsors.
www.kommersant.com
All the Article in Russian as of Feb. 12, 2007
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