The Asian private equity arm of iconic luxury goods conglomerate LVMH is reported to be in talks with some of India’s top fashion designers to create an Indian luxury goods company similar to that of its parent.
L Capital Asia is understood to be close to signing up two of India’s top fashion designers – Rohit Bal and Sabyasachi Mukherjee – alongside multi-designer retailer Evoluzione for the venture, the Economic Times of India reported on Monday.
The venture, which will consolidate the designers’ labels under one corporate structure, will receive around INR2bn ($36m) of capital from the private equity firm.
The venture is expected to bring other young designers on board in due course, the report added.
L Capital Asia, which last week agreed to invest about INR1.08bn ($19m) in Indian cinema chain operator PVR, is busy deploying capital and selling assets to return money to its investors as it warms up to raise a new $1bn vehicle, which could happen as early as the fourth quarter.
The firm has made a number of high profile investments to date, including Singapore shoemaker Charles & Keith, Chinese fashion house Trendy International and Genesis Luxury Fashion, an Indian distributor of upmarket brands including Jimmy Choo and Paul Smith.
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