VYKO: Inside the plan to become the LVMH of Irish luxury

Ireland’s first domestic luxury conglomerate, VYKO, have laid out an ambitious blueprint to usher in a new era for Irish luxury on the global stage. Launched in April, the group announced plans to raise 50 million euros this year to acquire and scale heritage and contemporary brands by driving digital, media, and e-commerce strategies.

Founded by former LVMH, Puig and Google executive Ashley McDonnell, VYKO is looking to scale Irish brands in fashion, jewellery, beauty, spirits, and fine food globally, by acquiring minority to full stakes, from 35 to 100 percent, with its first acquisitions expected by the end of 2026.

The group states it is addressing “a longstanding gap in the market” in Ireland by setting up a luxury conglomerate, which mirrors the approach of legacy conglomerates, such as LVMH and Kering, by combining digital commerce, marketing, international communications, retail development and supply chain management, with a “more technology-led and flexible structure”.

A key strategy is to focus on investing in heritage craftsmanship, with plans to back brands working with traditional Irish materials and techniques, such as Donegal tweed and Aran knitwear, as it looks "to align heritage production with global luxury demand, at a time when consumers are placing greater emphasis on provenance and authenticity”.

To find out more about how VYKO is planning to become the Irish LVMH, FashionUnited spoke to McDonnell on the driving force behind her desire to build the future of the Irish luxury ecosystem, the focus on heritage craftsmanship, and why she believes now is the right time for Irish brands to shine on a global scale.

What was the driving inspiration behind founding VYKO?

I have spent over a decade working in-house at luxury powerhouses like LVMH, Dior, and Puig, as well as at Google where I managed the LVMH portfolio. Throughout my time in Paris and across global luxury capitals, I would constantly look back at Ireland and see this extraordinary, raw creative talent and exceptional homegrown brands.

Irish brands have often reached out to me, asked for introductions to the major luxury groups, looking for investment or to be acquired; however, they were rarely reaching an overall standard of brand experience to be taken seriously by major groups, and regardless, they were also not on track for the revenue required to be eligible for an investment or acquisition.

What we have lacked in Ireland is not talent or creativity; it’s the institutional framework, the scaling expertise, and the global infrastructure to back them up. I wanted to bring learnings from the playbooks, synergies, and strategic learnings that I’d been exposed to inside the world's leading conglomerates and bring them home to build Ireland's first structured luxury brands group.

Why is now the right time to build a holding company specifically for Irish brands?

Timing is everything. For a long time, the global luxury landscape was entirely dominated by legacy European structures, but the digital age has completely democratised how consumer brands scale. Right now, Ireland is experiencing an unprecedented cultural and creative renaissance on the global stage.

Simultaneously, consumers are experiencing 'luxury fatigue' from mass-produced heritage items and are actively seeking niche brands which have authentic storytelling, sustainable practices, and profound craftsmanship - all of which are inherently embedded in Irish design. Up until now, there has been a missing link: a dedicated platform capable of transforming an independent Irish creative into a globally viable luxury business. With VYKO, we are providing that vehicle at the exact moment the global market is hungry for what Ireland has to offer.

What is it that's so special about Ireland and its culture?

Ireland is home to some of the richest textiles, materials and artisan heritage in the world, yet we historically haven't positioned or commercialised them with the same elevated prestige that France or Italy have mastered for centuries. We are ready to change that narrative.

Beyond our heritage, Ireland is having a massive, undeniable cultural moment right now. From our actors winning Oscars to visionaries like Jonathan Anderson shaping the global fashion landscape, Irish creativity is driving the cultural zeitgeist. There is an unmistakable energy, a poetic storytelling ability, and a warmth to Irish culture that gives our products an immediate emotional resonance. We aren't just selling products; we are exporting a piece of modern Irish culture.

VYKO’s mandate spans fashion, beauty, spirits, and fine food. In a tightening venture capital environment, why pursue a multi-vertical strategy rather than perfecting a "playbook" in a single category like fashion or beauty first?

While a single-vertical approach might seem safer on paper, it misses the true scope of the opportunity. Ireland has immense, untapped luxury potential across all of these categories, and they don't live in silos - they enrich one another.

Look at the most successful luxury conglomerates in history: the multi-vertical model offers incredible structural resilience, especially in a tighter macro-environment.

Furthermore, the cross-category synergies are endless. The digital acquisition strategies we use for a beauty brand can elevate a fine food brand, and the retail relationships we nurture through fashion can open doors for our spirits portfolio. By building a diversified luxury ecosystem from day one, we create a more robust corporate structure while celebrating the full spectrum of premium Irish lifestyle.

You emphasised a more technology-led and flexible structure - what does that mean in practice?

We are incredibly fortunate to be one of the first luxury groups born directly into the digital age. Legacy conglomerates are currently facing a lot of friction, often forced to divest or restructure due to massive fixed overheads and rigid, traditional in-house teams. At VYKO, we are building a lean, agile model.

In practice, this means we leverage technology to automate and optimise back-end operations, while remaining highly flexible on the creative and operational side. We don't want massive, rigid in-house departments for PR or digital marketing. Instead, we are building a fluid network of world-class, expert partners - many of whom are specialists I’ve worked with over the last ten years. This decentralised, expert-led structure allows us to be fast, highly efficient and incredibly impactful without the heavy corporate drag.

Much of Ireland's luxury heritage is rooted in craftsmanship like Donegal tweed or Aran knitwear. Is VYKO’s strategy strictly brand acquisition, or do you plan to invest vertically in the manufacturing facilities to secure your supply chain?

We absolutely plan to invest vertically and ensure a robust landscape for Irish brands to be able to manufacture in Ireland whenever possible. Quality is a very important trait of true luxury, and you cannot guarantee quality without tight control over your supply chain.

Ireland’s heritage crafts are precious, but they are also vulnerable if the manufacturing infrastructure isn't protected and modernised. By investing directly into vertical manufacturing and facilities, VYKO isn't just securing its own supply chain and ensuring ethical, premium production; we are actively preserving and future-proofing the very craftsmanship that makes these brands valuable in the first place.

Holding companies like LVMH or Kering are designed for long-term ownership. Is the goal for VYKO to remain a permanent home for these brands, or are you building them toward a future IPO or eventual sale to a larger global conglomerate?

Given the natural complexity, long-term brand-building cycles and emotional capital involved in the luxury industry, quick flips simply do not work. Our ultimate vision is for these brands to grow, evolve, and remain with us.

We are building VYKO to be a permanent, nurturing home for Irish luxury. While a future IPO is certainly a milestone that could support our long-term scaling ambitions down the line, our immediate and core focus is sustainable, long-term global growth.

When do you expect to announce the group's first investment?

We have spent months meticulously vetting and analysing hundreds of Irish labels. We are currently on track to officially announce VYKO's first investments before the end of this year. Our initial rollout will feature a curated portfolio of three brands, all within the fashion category, so that we can take advantage of synergies right from the start.

How are you building your team around you to drive VYKO's success?

The luxury business operates on a very specific set of psychological principles, relationship networks and operational standards. As a result, we are focused on securing talent with international experience who understand the nuances of the luxury space.

We are actively bringing together a team of people who have been on the inside of the world's biggest legacy brands, who know how the global giants operate, but who also possess the entrepreneurial vision to see the massive, untapped potential awaiting here in Ireland.

How will your role as the founder of Ireland Fashion Week serve as a strategic incubator for VYKO’s future acquisition pipeline?

Ireland Fashion Week has already proven to be a platform greatly needed in Ireland to nurture and support the broader creative talent - from designers to photographers, videographers, makeup artists, models and beyond. It’s been an incredibly rewarding experience to build out this platform, hiring over 500 people in its first year and bringing learnings from global fashion weeks to ensure Ireland is not left behind.

Beyond being a talent scout, Ireland Fashion Week serves as a vital strategic platform to elevate the entire ecosystem. It generates international noise, attracts global media and changemakers, and aims to put Ireland firmly on the global fashion calendar.

Can you share your long-term plans for Ireland Fashion Week?

In our inaugural year, we were incredibly proud to support 54 designers. For Year 2, we are scaling that impact significantly - growing to support over 90 designers and introducing an innovative, interactive showroom concept which will not just feature fashion but also jewellery, accessories, hats and more.

Ultimately, our grand ambition is for Ireland Fashion Week to evolve into a cultural celebration - a landmark global festival for fashion but also Irish music, art and film. This month, we shot our hero campaign in the West of Ireland, which goes live on September 17. This campaign isn't just about showcasing fashion, but it will serve as a powerful statement of the exact cultural impact we are here to make.