L Capital hires Uday Mehra as MD
L Capital, the private equity arm of luxury goods giant LVMH, has hired Uday Mehra, a former Asia-Pacific operations executive for Tommy Hilfiger, as a managing director.
Mehra will be in charge of India operations at the firm, according to the Times of India.
In February it was reported that L Capital could start raising a new fund of more than $1 billion this year. According to managing partner Ravi Thakran, competition from Western brands has meant that Chinese retailers need to protect themselves by raising funding from sources such as private equity.
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.
The private equity firm is currently thought to be in the running for a buyout of Lilliput Kidswear, after apparently submitting a bid for the struggling company in March. A sale would facilitate the exit of Bain Capital and TPG Capital.
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