Former LVMH exec launches Ireland’s first luxury group

Ashley McDonnell, an Irish-American executive with experience across LVMH, Google and Puig, is launching VYKO Group, a new holding company designed to acquire and scale emerging luxury Irish brands.

With a planned €50 million capital raise in 2026, the venture positions itself as Ireland’s first structured luxury group, “aiming to address a longstanding gap in the market”.

While Ireland has produced globally influential creative talent, it has lacked the institutional infrastructure seen in France and Italy, where groups such as LVMH and Kering have historically supported brand building at scale.

VYKO will acquire minority to full stakes (35%-100%) in brands across fashion, beauty, spirits, jewellery and fine food, combining investment with a centralised operating model.

Shared services will include digital commerce, marketing, international communications, retail development and supply chain management - an approach that mirrors legacy luxury conglomerates, but with a more technology-led and flexible structure.

McDonnell is also the founder of Ireland Fashion Week, and she intends to use that platform as “a broader talent pipeline”. The initiative, which in its 2025 debut iteration supported more than 50 designers, is set to expand to over 90 participants - with backing from partners including Visa and L’Oréal.

"Made in Ireland feels more relevant than ever. Globally, Ireland benefits from a strong and positive perception, and the country is experiencing a significant cultural moment, with figures like Jessie Buckley, Paul Mescal, and designers like Jonathan Anderson and Simone Rocha helping to shape Ireland’s creative influence on the world stage. From our perspective, this creates a timely backdrop to focus on Irish brands and their international positioning," said McDonnell.

“In terms of the luxury landscape right now, established groups are facing challenges around digitalisation, modernisation, divesting and slimming down their portfolios, focusing on cost savings. We see this as an opportunity, being the first luxury group born in the digital age, to double down on creativity and develop exceptional products and experiences with a portfolio of niche, Irish brands.

“We also chose to launch VYKO after Ireland Fashion Week, allowing us to engage directly with brands, better understand their challenges, identify structural gaps, and build a platform designed to support international growth and brand acceleration.”

McDonnell says that the timing reflects a broader shift in how luxury brands are built. A new generation of labels is emerging with digital-first distribution, sustainability embedded in production, and community-driven growth strategies - areas where traditional groups have had to adapt.

“We aren’t just launching a company, we are building an ecosystem,” she added. “The opportunity is to prove that brands can be built and scaled internationally from Ireland, rather than having to leave to succeed.”

McDonnell started her career at LVMH as a digital analyst, working within the Chief Digital Officer’s team on Avenue Montaigne before moving internally to Dior, where she created and implemented the global digital strategy for the Travel Retail division, before joining Google in 2019 to manage the LVMH portfolio as Global Luxury Account Manager.

For the last five years, she has been at Puig in both its Geneva and Paris offices, serving as Digital Director of Travel Retail and then across all of the beauty and fashion division globally.