SINGAPORE — L Capital Asia, the private equity fund backed by LVMH Moët Hennessy Louis Vuitton, said this week it has bought stakes in an Australian food retailer and an Indian cinema operator, diversifying its existing portfolio of mainly fashion-related investments.
L Capital said Thursday it has taken a 60 percent stake in Jones the Grocer, a gourmet food emporium that also has a presence in Singapore, New Zealand and the Middle East. The acquisition, which cost $18 million, marks a departure from the fund’s policy of only acquiring minority stakes in its investments. L Capital opted for a majority stake due to the small size of the company, which has about 350 employees worldwide, explained a spokeswoman.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"