Navis, Symphony buy French furniture brand Christian Liaigre

Chanintr Living (CLL), a Thai-based furniture retailer that is Liaigre's joint venture partner in Singapore and exclusive distributor for the brand in Thailand, is also participating in the transaction. The Liaigre showrooms in Asia will be reorganized directly under the Liaigre holding company and CLL will become a shareholder in the enlarged group.

Symphony, a Singapore-based and London-listed investor in consumer-related businesses, announced the deal last month without disclosing Navis' involvement. The firm is a minority investor in CLL and it said the investment opportunity in Liaigre was presented by Chanintr Sirisant, CLL's chairman.

"We are very excited with this opportunity to acquire one of the world's leading consumer brands. It fits perfectly with our strategy to invest in businesses that are poised to cater to the demographic of rising affluence in Asia and indeed around the world," said Anil Thadani, chairman of Symphony.

Christian Liaigre opened his design studio in 1985 in Paris and turned the company that bears his name into a luxury brand known for its "elegant, minimalistic and discreetly luxurious design style," according to a statement. It provides a range of furniture, lighting, fabric and leather, and accessories, operating a network of 26 showrooms - nine of which are self-owned - in 11 countries across Europe, the US and Asia.

The company also undertakes interior architecture projects for yachts, hotels, restaurants and private residences. Retail accounts for 80% of revenue, with architecture responsible for the remaining 20%.

Edmond de Rothschild Capital Partners invested in Liaigre in 2009 and Bridgepoint took ownership of the asset in 2014 when it absorbed the latter firm. Under Bridgepoint's ownership, Liaigre grew from nine to 26 showrooms, with more than 120 staff and annual revenue exceeding EUR50 million ($56.3 million), 90% of which derives from outside France.

The new investors plan to further develop showrooms and design activities in key Asian cities, including Hong Kong, Taipei, Tokyo, Shanghai and Seoul, in addition to a more modest expansion in Europe and North America. For Navis, the investment is part of an emerging theme of helping European companies tap growing consumer markets in Southeast Asia and beyond.

"There are European companies with great products and brands and Asia is the next chapter of value creation for them. They are too scared to do it on their own because of the complexities and the cultural barriers," Nick Bloy, Navis' managing partner, told AVCJ last month. Referring to Liaigre specifically, although not by name, he added: "It needs to be where there is the most rapid growth in billionaires and centimillionaires, and that is in Asia. Our network and multicultural team can be of use to them."

This is the second deal announced by Navis in a matter of days. Last week it reached an agreement to acquire a controlling stake in Macau-based footwear component supplier ISA Industrial.

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• Topics
• Europe
• Southeast Asia
• Buyouts
• Trade sale
• Consumer
• Navis Management
• Symphony Asia Holdings
• Asia