Former LVMH executive launches Ireland’s first luxury group

Ashley McDonnell, an Irish-American manager, founded the VYKO Group. This is Ireland’s first luxury group designed to acquire and scale emerging luxury brands.

In a statement, McDonnell said she wanted to usher in a new era for Irish luxury. She has more than a decade of international leadership experience in the luxury and technology industries. These include senior positions at LVMH in Paris, Google in Dublin and Puig in Geneva and Paris. She is also the founder of Ireland Fashion Week. Their goal is to scale brands through digital, media and e-commerce strategies and help them achieve global success.

VYKO Group plans to raise 50 million euros this year. This is intended to finance the first takeovers by the end of the year. The group said it wanted to “close a long-standing gap in the market”. To this end, minority to full stakes of 35 to 100 percent are to be acquired in brands from the fashion, beauty, spirits, jewelry and delicatessen sectors. These investments are combined with a centralized operating model.

“We’re not just starting a company; we’re building an ecosystem,” says McDonnell. “The opportunity is to prove that brands can be built and scaled internationally from Ireland, rather than having to leave the country for success.”

VYKO will adopt the approach of established corporations such as LVMH and Kering. These include digital commerce, marketing, international communications, retail development and supply chain management. However, VYKO will have a “more technology-oriented and flexible structure.”

McDonnell explains that the timing of the launch reflects a broader shift in the way luxury brands are built. A new generation of labels is emerging with digital-first distribution, sustainable production and community-focused growth strategies. In these areas, traditional corporations often had to build up capacity later.

The founder and Chief Executive Officer (CEO) adds that Ireland is “increasingly well positioned to be part of this change”. This is because the country’s cultural influence has grown internationally in recent years. Actors such as Paul Mescal, Saoirse Ronan and Jessie Buckley have achieved international success. At the same time, designers such as Jonathan Anderson, Seán McGirr and Simone Rocha represent Ireland in the contemporary fashion world.

“Despite this visibility, much of Ireland’s fashion success has been built overseas. VYKO’s strategy is to create the conditions for brands to grow from Ireland and keep more of the economic value created at home,” the company added.

Vyko Group wants to build a culture-focused and digital group for Irish luxury brands

A central point of the strategy is investing in traditional crafts. The group plans to support brands that work with traditional Irish materials and techniques. These include Donegal tweed, Aran knitwear, metalwork and distillation. At the same time, local production capacities should be promoted.

The goal is to “balance traditional production with global luxury demand, at a time when consumers place greater value on provenance and authenticity.”

“While the dominance of Paris and Milan-based groups remains unbroken, VYKO is an early attempt to test a decentralized model,” the luxury group added. “This model is rooted in cultural identity but designed for global scale.”

McDonnell, who founded Ireland Fashion Week in 2025, will also use the platform as a wider talent pipeline. The first edition of the fashion week supported more than 50 designers. With the support of partners such as Visa and L’Oréal, it will be expanded to over 90 participants.

VYKO Group is supported by an advisory board in its mission to shape the future of the Irish luxury ecosystem. This includes: Jonathan Siboni, founder and CEO of Luxurynsight; Thuy-Anh J Nguyen, president of ECG Consulting; Alexis Delannoy, Private Equity, Alpera Partners; Sophie Djordjevic, senior marketing manager at JD.com; Elizabet Aleksieva, Business Development Director at Puig and founder of Beauty Talks; and Patti Brown, Associate Dean of Accredited Programs at the University of Oxford Said Business School.

Jonathan Siboni, Founder and Chief Executive Officer of Luxurynsight, commented on the launch: “Ireland has the talent, stories and energy to compete with any country in the world.” He added: “Technology is the present and future of any brand with global ambitions. It is an integral part of the business ecosystem in Ireland as well as the founder of VYKO.”

Thuy-Anh J Nguyen, President of ECG Consulting, added: “Ireland’s cultural relevance on the world stage has never been stronger. Through the power of a group and the platform of Ireland Fashion Week, VYKO will enable creatives and creative-led brands to move at the pace of culture.”