L Capital takes stake in Ming Fung Jewellery
LVMH group’s private equity investment arm L Capital has expanded its Asia portfolio to include jeweler Ming Fung Jewellery Group, purchasing an 8.61% stake in the company for an undisclosed sum.
The transaction makes L Capital Asia - L Capital's fourth fund - a top shareholder in Ming Fung. Equity Base Holdings, the company owned by Ming Fung' Chairman Wong Chi Ming Jeffry, and Atlantis Investment Management, own stakes of 8.2% and 7.25%, respectively.
Ming Fung is a jewelry retail business largely focused on China's tier one and tier two cities, and supplies distributors in the US and Europe with gem products. Launched in 1989, the group has grown through partnerships with firms including Hengdeli Holdings - which owns 300 retail stores where Ming Fung sells its products - and acquisitions, such as its recent purchase of an unnamed jewelry and watch retailer with 42 retail outlets across China.
The company announced its first half turnover rose 16.9% year-on-year to HK$402.7 million ($51.6 million), driven by sales in the mainland as well as improved spending conditions in the US and Europe.
L Capital officially launched its $650 million Asia fund in April, and has completed investments in Indian fashion and lifestyle goods retailer Genesis Colors, Hong Kong-listed Emperor Watch and Jewellery, Singapore-based shoe brand Charles & Keith and timepiece maker Sincere Watch.
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