PE-backed La Chapelle, Legend Capital launch PE fund
Hong Kong-listed Shanghai La Chapelle Fashion, a ladies' apparel maker backed by a string of PE investors, has partnered with Legend Capital to set up a PE fund worth RMB153 million ($24 million).
La Chapelle said in a filing that the firm will contribute RMB150 million to the vehicle - Tianjin Xing Kuang Management Consulting Partnership - while Legend will invest RMB3 million.
The fund, managed by Legend Capital, is to invest in red-chip companies that are looking for a domestic listing in China's A shares, cross border transactions and other high growth companies.
Set up in 2001, La Chapelle designs, markets and sells clothes through retail stores. As of the end of last year, the company's nationwide comprises 6,887 retail points located in approximately 2,200 physical locations - including department stores and shopping malls - across 31 provinces and municipalities in mainland China.
The firm - which raised HK$2.21 billion ($285 million) in its IPO last September - received a HK$122 million investment from Orchid Asia in October. As of the end of last year, Orchid Asia owned 4.3% in La Chapelle, while Goldman Sach had 3.62%. Legend Capital held a 17.21% interest.
Earlier this year, La Chapelle invested RMB200 million in Hangzhou Anshe E-Commerce, the business behind Chinese online fashion retailer QiGeGe, in exchange for a 54% stake. Legend Capital is also an investor in Hangzhou Anshe alongside Matrix Partners. The start-up was set up in 2009 and sells a wide range of fashionable apparel products including apparel, women's shoes and accessories under the brand names of QiGeGe, Othermix and Othercrazy.
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