L Capital signs up Indian designers for new fashion venture
L Capital is in talks with India’s top designers and Evoluzione, a local retailer, to set up a fashion venture which will consolidate separate designer names. The PE player, part of luxury group LVMH, will invest INR2 billion ($35.9 million) in the entity.
Rohit Bal, the award-winning Kashmiri Pandit fashion designer from New Delhi, and Sabyasachi Mukherjee, who owns over 20 stores across India and the US, will join the new corporate structure, which aims to scale up operations of individual designers domestically and globally.
More designers are expected to join in due course. The company will own significant minority stakes in the businesses of the each designer, as well as entering into a joint venture with Evoluzione for back-end distribution, The Economics Times reported, citing several people familiar with the transactions.
L Capital made its first investment in India last July, purchasing a 25.5% stake in New Delhi-based Genesis Luxury Fashion, which operates 125 stores and franchises for luxury brands including Just Cavalli, Bottega Veneta and Jimmy Choo. It subsequently invested in Indian fashion company Fabindia and has been linked to Raymond Apparel.
Beyond the fashion industry, last week L Capital committed just under INR1.1 billion to cinema and entertainment company PVR for a 10% stake. As part of the deal, L Capital will set up a joint venture with the Indian firm that will focus on in-mall entertainment, gaming, food and leisure.
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