The luxury goods sector is one of the few that is growing at double digit rates in recent years, according to Bain&Co, and the PE industry is not missing that opportunity. The latest deal is a Chinese one. Local PE fund, CITiC Capital, andL Capital, a private-equity fund backed by French luxury giant LVMH, acquired a minority stake in a Chinese apparel company called Trendy International Group, reports China Daily.
According to the report, Trendy owns 300 stores and franchises and the Ochirly chain is its flagship. The deal is part of a trend that began with Hermes acquiring the Chinese brand ShangXia, the report notes. In a separate report, Reuters India, said that L Capital is raising a new Asian fund, that could be up to one billion dollars in size. (Image Source: Ochirly website)