Family-controlled luxury group LVMH has continued its push into Asia by taking a stake in China-based Emperor Watch and Jewellery Ltd through its private equity fund L Capital Asia Advisors.
The fund, which is registered in the Cayman Islands but is a 100% subsidiary of LVMH, has purchased 6.92% of Emperor as a result of the transaction.
L Capital plans to inject money and expertise into luxury watch and jewellery retailer, which had revenues of HK$ 2.69 billion in 2009.
According to a statement released by Emperor, the watch and jewellery market in China is still at an early stage of development despite the country's strong economic growth. Both LVMH and Emperor expect to benefit from "very strong double digit market growth over a long period," the statement said.
The move is L Capital's third strategic investment in Asia and follows LVMH's acquisition of Sack's, the online Brazilian beauty retailer, last month.
Want to get the latest family business/family office news direct to your desktop? Click here to register to receive our weekly newsletter
Are you a member of a multigenerational family business or family office? Click here to subscribe to our magazines