Singapore-based L Capital Asia, the corporate venturing fund representing French luxury consumer brands conglomerate LVMH and Malaysia-based YTL Corp Bhd, has taken a 40% stake in the Australian sports brand 2XU.
Local media puts the value of the deal at A$80m ($72.8 m).
2XU executive chairman and co-founder of 2XU, Clyde Davenport, statee, “We are thrilled to have L Capital Asia as a partner. We believe that its experienced international team will accelerate us towards our goal of becoming Australia’s first major global sportswear brand.”
Lazard Australia Private Equity, the private equity arm of investment bank Lazard Australia, previously bought a stake in the company in 2011.