Morgan Stanley PE invests Sequoia-backed luxury retailer Sparkle Roll
Morgan Stanley Private Equity Asia (MSPEA) has injected $42 million in HKSE-listed Sparkle Roll Group, which retails branded luxury products such as cars, jewelry and wine.
The investment buys MSPEA a 10.6% stake in the company as well as two board seats for non-executive directors. The luxury goods retailer also counts Sequoia Capital China as an investor, as it has held a 14.9% stake in the company since 2009. Managing Director of MSPEA Gao Yuwho, who is also a non-executive director of both Belle International Holdings Ltd and China Dongxiang (Group) Co., has been appointed a non-executive director of Sparkle. Qi Jian, the older brother of Qi Jian Hong, who is the sole beneficial owner of Sparkle Roll Holdings, is also appointed non-executive director. He is a substantial shareholder of the company with a 28.55% stake in hand.
Sparkle Roll was originally called Jade Dynasty Group Limited and was focused on comic book publishing and related businesses. It has since shifted its focus to luxury retail, with its core business surrounding the sale of Bentley and Rolls Royce automobiles and Boucheron and Richard Mille watches and jewelry.
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