Whilst we’re still waiting for NAMA to announce a decision in respect of Paddy McKillen’s loans and indeed we are still waiting for the Supreme Court to issue its ruling in respect of the three outstanding strands to Paddy’s appeal, we are reminded by news today that Paddy is more than a property developer. Of course according to Paddy, he’s not even a property developer, he’s an “investor”. And today sees the partial realisation of one of his investments in the luxury skincare company, Nude Brands Limited. French luxury goods giant, Louis Vuitton Moet Hennessy (LVMH) has bought 70% of the skincare company founded by Bryan Meehan and Bono’s wife, Ali Hewson. Paddy became an investor in the group and along with the two founders will still retain a 30% interest. Terms of the transaction are not being disclosed.
Nude was founded in 2006 and the legend is that it brought together Bryan Meehan’s interest in organic products and Mrs Bono’s entrepreneurship and support. It’s not clear if the brand name had anything to do with Bono’s juice bar of the same name in Dublin. Regardless, the business developed and is reported to have found fans which include Carla Bruni, Christy Turlington and Helena Christensen. LVMH is home to some 60 of the world’s luxury brands which include Christian Dior and Guerlain and the transaction will see the Nude brand robustly supported.
And in mentioning U2 and the clan McKillen, the consideration of the permit applications by the Edge and Paddy’s son Dean, first reported on here at the start of February, 2011, for properties in southern California has been postponed by the Coastal Commission. The Staff Report by the Commission on the development, project named “Leaves in the Wind” recommended the applications be rejected.