LVMH to invest in Chinese wedding photo firm

"We are looking at a Chinese wedding photography company," Ravi Thakran, L Capital Asia managing partner, told China Daily, adding that the company "is very large in China."

While spending is rising along with the emergence of a new middle class in China, couples now spend an average of RMB3,526 ($557) on their wedding photos. According to the Shanghai Wedding Industry Association, spending reaches an average of RMB4,127 for newly-weds in Shanghai.

In February, L Capital said it could start raising a new fund of more than $1 billion this year. In the same month, the private equity firm reportedly purchased a 10% stake in China fashion company Ochirly for $200 million. It is another indication of the brand's ambition to expand its portfolio in the world's second-largest luxury market.

"The companies we select (for investment) should have a good vision of what they want to achieve. They should have good products, good concepts, and we believe, with our help, they can go to another level," said Thakran. "We only look for niche, and the niche has to be very special."

L Capital's current Asia fund, which closed at $650 million, targets consumer investment opportunities in China, India and Southeast Asian markets such as Indonesia, Malaysia and Thailand. Launched last year, the fund buys minority stakes in non-LVMH companies related to retail, F&B and lifestyle.

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• Topics
• Greater China
• Consumer
• L Capital Asia
• Consumer
• China