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- 6 Mar 2012
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The Latest Investments: Bruno Cucinelli, Sonia Rykiel & Net-a-Porter


Paolo Bulgari, Francesco, Trapani and Nicola-Bulgari have sold 4.48 million shares in LVMH, yielding approximately 576 million euros

Net-a-Porter prepares to launch in China, through its acquisition of Adrienne Ma’s e-commerce platform Shouke, as Bruno Cucinelli prepares an IPO for the Milan bourse.

All eyes are again on L Capital Management, following news that the private equity arm – sponsored by the LVMH Group and its private holding company Groupe Arnault – has launched a third fund, L Capital 3, with total commitments of €400 million. The newest part of the L Capital family will focus on mid-market European lifestyle brands and selective retail benefiting from global consumption trends.

Meanwhile, L Capital Asia seems to be increasing its activity in the Indian market, following investments in Singapore’s Charles & Keith and Xiamen-based Xinhe Fashion Co in 2011. Most recently the Asian fund has been linked to Raymond Apparel, the owner of brands such as Park Avenue, Parx and Notting Hill, Indian children’s wear brand Lilliput and ethnic wear chain Fabindia, which sells clothing, furnishings and fabrics.

Launch: L Capital 3

L Capital Management announced the final closing of L Capital 3 FCPR with total commitments of €400 million, well in excess of the Fund’s original target of €350 million. Sponsored by the LVMH Group and its private holding company Groupe Arnault, L Capital 3 will invest in mid-market European lifestyle brands and selective retail benefiting from global consumption trends.

Source: Business Wire

Bought: Shouke, Net-a-Porter

A little over one year since its establishment by Adrienne Ma, Chinese e-commerce platform Shouke Limited is set to be acquired by the London-based online retail powerhouse Net-A-Porter. Net-A-Porter plans to launch a new website based in China this March, and open a distribution centre in Hong Kong at an unspecified later date.

Source: Jing Daily

Listing: Bruno Cucinelli, Milan

Italian cashmere goods maker Brunello Cucinelli has filed with Italian regulators for an initial public offering of its shares on the Milan bourse , as signs emerged recently of steadier market conditions. The offering, sponsored by investment bank Mediobanca , will include the issue of new shares and the sale of existing equity.

Source: Fashion Mag

Speculation: L Capital Asia, Raymond Apparel

L Capital Asia is said to be negotiating an investment of about $150 million (Rs 750 crore) in Raymond Apparel, the owner of brands such as Park Avenue, Parx and Notting Hill, which are sold at its exclusive retail stores and multi-brand outlets across India and West Asia.

Source: Economic Times

Stake: Peregrine Diamonds, BHP Billiton

Peregrine Diamonds has completed the purchase of BHP Billiton’s 51% participating interest in the Chidliak diamond project, giving Peregrine 100% ownership of Chidliak. As part of the transaction, Peregrine also acquired BHP Billiton’s Canadian diamond exploration database.

Source: The Israeli Diamond Industry

Offer: Sofama, Lejaby

Sofama, a French leather goods manufacturer which supplies Louis Vuitton, has offered to buy ailing lingerie brand Lejaby’s last manufacturing facility in France in a move likely to save dozens of jobs threatened by the factory’s planned closure. LVMH Moët Hennessy Louis Vuitton, the luxury group that owns Louis Vuitton, said it had pledged to place a long-term order with Sofama if its offer is accepted.

Source: WWD

Speculation: L Capital Asia, Lilliput

Cash-strapped Indian children’s wear brand Lilliput, is said to be in discussions with L Capital Asia, to purchase its retail assets, brand and liabilities. Lilliput founder Sanjeev Narula and estranged private equity investors Bain Capital and TPG had initiated a slump sale, wherein the assets, brand and liabilities would get transferred to a new company and then sold to a third party.

Source: Business Standard

Update: Groupe du Louvre, Accor

France’s Accor said on Wednesday it was no longer in the running to buy the prestige hotels of Groupe du Louvre, a unit of U.S. investment group Starwood Capital. Accor’s offer, which it made together with Franco-Dutch property group Unibail-Rodamco, was not retained according to Reuters. Starwood Capital is still thought to be looking to sell the prestige hotels.

Source: Reuters

Sold: Sonia Rykiel, Fung Brands

Fung Brands, a luxury investment firm backed by two Hong Kong billionaires, is acquiring 80 per cent of Sonia Rykiel, in a bid to develop the fashion house into “a true global brand of international luxury.” Nathalie Rykiel, the founder’s daughter, will hold the title of vice chairwoman of the board.

Source: NY Times

Sold: De Tomaso, Car Luxury Investment

The majority stake in Italian marque De Tomaso – rejuvenated by former Fiat exec Gian Mario Rossignolo and his family – has been sold to fellow Italian firm Car Luxury Investment, which is owned by Chinese investment group Hotyork.

Source: Motor Authority

Investment: L Capital Asia, Fabindia

L Capital Asia is said to have bought the 8 per cent stake held by Wolfensohn Capital Partners in unlisted Indian ethnic wear chain Fabindia. Valuations and terms of the agreement were not immediately available. Media reports have valued Fabindia, which sells clothing, furnishings and fabrics, at about 14 billion rupees.

Source: Reuters

Sold: LVMH Shares, Bulgari Family

Paolo Bulgari, Nicola Bulgari and former Bulgari chief executive officer Francesco Trapani sold a small part of their shareholding in LVMH Moët Hennessy Louis Vuitton. The sale of 4.48 million shares, corresponding to 0.88 per cent of the share capital of the French luxury group that acquired Bulgari last year, yielded about 576 million euros, or $757.7 million at current exchange rates.

Source: WWD

For more in the series of The Latest Investments, please see our most recent editions as follows:

- The Latest Investments, Lanvin, Luxottica & L Capital Asia
- The Latest Investments: Michael Kors, Chow Tai Fook & Ferretti Group
- The Latest Investments, LVMH, De Beers & Coach


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