LVMH’s private equity arm makes first investment in India
L Capital Asia, the private equity arm of LVMH Group, has made its first investment in India, picking up a 25.5% stake in Genesis Luxury Fashion for an undisclosed sum. The investment will be executed in two tranches.
New-Delhi based Genesis, which operates 125 stores, owns the distribution rights in India for luxury brands such as Just Cavalli, Canali, Kenzo, Botteha Veneta, Paul Smith, Jimmy Choo and Tie Rack. It also owns local labels Satya Paul, Deepika Gehani, Samsaara, Shobhaa De and lingerie brand Bwitch.
The company received capital from Sequoia Capital, Mayfield Fund and Silicon Valley Bank in 2008, and then Henderson Equity Partners took a 12% stake for $17 million a year later.
The $650 million L Capital Asia fund was launched with a view to targeting investments in China, India and Southeast Asia. It is primarily interested in the consumer brands, lifestyle concepts, lifestyle food and beverages, media hospitality, beauty and wellness and private education spaces. Ravi Thakran, L Capital Asia's managing partner, said in April that $200 million of the fund's corpus would be invested in 2011.
The fund has already done five deals in China and Southeast Asia. Last year, approximately $90 million was invested in three assets: Hong Kong-listed Emperor Watch and Jewellery, Singapore-based shoe brand Charles & Keith and watchmaker Sincere Watch, which L Capital Asia entered as part of an investment consortium with Standard Chartered Private Equity.
The fund was first linked to Genesis in March.
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