L capital Asia invests in Chinese cosmetics firm

The capital will be used for R&D, advertising, marketing, M&A and global expansion, the company said. Zhong Lun Law Firm represented L Capital to complete the transaction.

"L Capital is impressed by Marubi's mid-to high-end market positioning and its steady growth over the years," said Ravi Thakran, managing director at L Capital Asia. "We are optimistic about Marubi's future business."

L Capital's strategy in emerging markets is to focus on the "three As" - brands that are alternative, affordable and aspirational. Thakran said in an AVCJ interview last year that the PE firm would typically look for minority stakes investment in the region, believing that the entrepreneur should remain in the driving seat.

"In China a lot of company owners are first generation - they are hungry to grow, don't want to give up control, but are willing to give a minority stake to a partner like us. Having said that, we are not opposed to taking majority interests," he said.

Three months ago, L Capital Asia acquired a 49.9% stake in Australian boot maker R.M. Williams for around A$52 million ($55 million). The PE firm is also said to be nearing a final close of $1 billion on its latest Asia fund.

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• Topics
• Greater China
• Consumer
• Expansion
• China
• L Capital Asia
• Consumer
• Growth capital