The market is “at an inflection point expected to exhibit exponential growth,” L Catterton Asia’s Narayan Ramachandran said.
The deal covers 1,600 points of sales across 300 cities in China.
The former ceo of the company is still seeking a takeover of the business.
One analyst believes the sale process means the retailer is in deeper financial distress than previously suspected.
The brand plans to buy out its longstanding Italian partner CF&P.
Compagnie Financière Richemont will proceed with the purchase of YNAP after nearly 95 percent of shareholders took up its offer.
This is the second investment from the new group, which is looking to partner with creative entrepreneurs.
A deal could have Sears receiving $1.7 billion, excluding its Kenmore IP asset, which doesn’t yet have a valuation.