L Capital Asia, part of the corporate venturing unit of France-based luxury consumer goods conglomerate LVMH, has acquired a 25.5% stake in India-based fashion distributor Genesis Luxury for an undisclosed sum. Based in Singapore and India, the Asian branch of L Capital is equipped with $640m of capital, and has largely invested in Hong Kong and Singapore-based high end fashion retailers. However, L Capital has stated its intention to move into China, South Asia and the Middle East. L Capital were reported to be in talks with the India-based jewellery retailer Gitanjali, in February, as part of a deal reported by Indian financial website The Economic Times to be worth up to $125m but, with talks still ongoing, the Genesis Luxury deal will be the fund’s first investment in India. Established in 2008, Genesis markets and distributes high end foreign designer labels such as Paul Smith, Canali and Jimmy Choo in India. L Capital has announced it will structure its investment in two tranches. L Capital Asia declined to disclose exact figures but Ravi Shakran, managing partner at L Capital Asia, said: “We usually invest anywhere between $25m and $100m in a company… And the sweet spot is 30-40m. “With the investment being made in Genesis Luxury Fashion for an initial 25.5% stake, we are looking at a long term partnership. We could pick up [a] larger stake in the company.”
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L Capital Asia savours Genesis Luxury
Jul 29, 2011 • Robert Lavine
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