L Capital in JV with Indian fashion portfolio company
LVMH’s investment arm L Capital Asia looks to strengthen its commitment to portfolio firm Genesis Luxury Fashion through the launch of a 50-50 joint venture to exhibit the Indian firm's fashion pieces.
According to The Economic Times, L Capital and Genesis are considering investing INR800 million ($17.7 million) apiece into the joint venture, which will promote the works of both up-and-coming and seasoned designers whose pieces are retailed by Genesis. Featured designers are said to include Sabyasachi Mukherjee, Rohit Bal and Tarun Tahiliani.
The management of L Capital aim to use their expertise in the fashion space to help promote Genesis' goods and position designers' work as luxury fashion pieces. Genesis, meanwhile, will provide retail pieces and the infrastructure.
The news comes less than a month after L Capital purchased a 25.5% stake in New Delhi-based Genesis, marking its maiden investment in India. That announcement preceded reports that L Capital would take an additional 14.5% in the company, worth another INR600 million to INR1 billion.
Genesis operates 125 stores and owns the distribution rights in India for brands including Just Cavalli, Bottega Veneta and Jimmy Choo, as well as local labels such as Satya Paul, Deepika Gehani and lingerie brand Bwitch.
In 2008, Genesis was backed by Sequoia Capital, Mayfield Fund and Silicon Valley Bank, and then Henderson Equity Partners took a 12% stake for $17 million a year later.
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