L Capital Asia reportedly buys a stake in a Hong Kong-listed diamond supplier, and reportedly strengthens its ties to Indian fashion company Genesis Luxury.
A corporate venturing unit of luxury group LVMH has reportedly bought an 8.61% stake in China-based diamond supplier Ming Fung Jewellery Group for an undisclosed sum.
L Capital Asia took the stake in the Hong Kong-listed company, according to news provider Reuters.
Last year, Ming Fung Jewellery Group had HK$730.4m ($93.7m) revenues and HK$111.3m profits. It was listed in Hong Kong in 2002 and was founded in 1989. It has a HK$2.9bn market capitalisation.
Separately L Capital Asia-backed India-based…
