Jade Invest part exits China's Latt Liv to JD.com
Jade Invest has confirmed a partial exit from Chinese lifestyle goods retailer Latt Liv, selling a “strategic stake” to e-commerce giant JD.com. Financial terms have not been disclosed.
Based in Guangzhou, Latt Liv sells a wide range of housewares and lifestyle goods through more than 300 stores in China and a growing network of locations in over 20 countries worldwide. Its products include fashion accessories, bags, stationery, cosmetics, kitchen utensils, and digital accessories. Jade Invest committed an undisclosed amount of capital to Latt Liv in 2017.
The company’s name means “easy life” in Swedish, and reflects the Chinese founders’ desired image of a marriage between high-quality, innovative Scandinavian design and Chinese mass production capabilities. The business model has similarities with that of Miniso, a Guangzhou-based retailer that leverages Japanese design with low-cost Chinese manufacturing and recently announced a partnership with Tencent Holdings.
“We are very pleased to add such a strong strategic partner to Latt Liv's shareholder base. This adds a further boost to an already fast-growing business, both in terms of online sales potential and overall branding,” said Ludvig Nilsson, a managing partner at Jade Invest, in a statement. “In addition, it has allowed us to return a large share of our LPs’ investment cost at an attractive return while retaining a significant stake in the future upside.”
Jade Invest was established in 2005 as a fund-of-funds focused on growth capital and pre-IPO opportunities in China, but has transitioned to a GP in recent years. Its activity this year includes the acquisition of Shanghai-based water purification company Pudow Water for an undisclosed sum.
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