A corporate venturing unit of luxury group LVMH has reportedly bought an 8.61% stake in China-based diamond supplier Ming Fung Jewellery Group for an undisclosed sum.
L Capital Asia took the stake in the Hong Kong-listed company, according to news provider Reuters.
Last year, Ming Fung Jewellery Group had HK$730.4m ($93.7m) revenues and HK$111.3m profits. It was listed in Hong Kong in 2002 and was founded in 1989. It has a HK$2.9bn market capitalisation.
Separately L Capital Asia-backed India-based fashion retailer Genesis Luxury Fashion has entered into a 50:50 joint venture with LVMH to sell ethnic haute couture, according to news provider Economic Times. In July, L Capital Asia bought a 25.5% stake in distributor Genesis Luxury for an undisclosed sum.
L Capital also plans to acquire another 15% of Genesis in a deal which was expected to close over the next 12 to 36 months, Economic Times said. L Capital planned to invest an additional R60 crore ($13.3m) to R100 crore to help the company’s expansion plans, Economic Times added. A separate report by news provider Business Standard said L Capital Asia planned to invest in minority stakes in four to five companies in India in the next few years