Sequoia exits Chinese luxury goods retailer Sparkle Roll

According to a filing, Sequoia sold 240 million shares at HK$0.5 apiece - or an 8.05% stake - on July 7th, the price represented a 17% premium on the previous closing price.

AVCJ Research records show that Sequoia spent HK$268 million to acquire a 14.89% stake in the firm in 2009. The GP then raised a combined HK$200 million through two partial exits in 2011.

In 2013, Morgan Stanley Private Equity Asia sold its 10.6% stake in Sparkle Roll, having previously invested $42 million in the company in 2010. As of December last year, Legend Capital also held 5% in the listed company.

Sparkle Roll was originally called Jade Dynasty Group and was focused on comic book publishing and related businesses. It has since shifted its focus to luxury retail, with its core business surrounding the sale of Bentley and Rolls Royce automobiles and Boucheron and Richard Mille watches and jewelry.

The company generated HK$3.16 billion in revenue last year, up from $3 billion in 2013. Its net profit dropped 74% year-on-year to HK$17 million last year.

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• Topics
• Greater China
• Exits
• Consumer
• China
• Consumer
• Sequoia Capital
• Exit