Insight into L Capital (PE arm of LVMH Group)

I'm looking into consumer retail PE and this was one of the more interesting ones that caught my eye. Any insight into career paths to similar firms, current industry standings, what kind of work culture, etc would be helpful!

 

Historically, apart from a few experienced partners, L Capital has been exclusively french (like most French company) and focused on Europe. Catterton is a very good consumer PE shops although they only do restaurants and food deals now so it's quite narrow niche (although one that is very interesting). Not sure what the combination will look like, it's a bit of a weird mix.

 
Best Response

Not exactly sure about their operations outside of Asia. Based on the people which I had spoke to in Asia, L Capital is often cited as the example of PE firm destroying business due to a lack of expertise. An example would be one of their portfolio companies, Jones the Grocer, which had declared bankruptcy previously. L Capital did get a lot of attention when they had invested into more than 90% of Crystal Jade for about USD 100m . However, L Capital had sold part of it to Standard Chartered Private Equity for about 50m (I assume that L Capital probably needs the money or they realized the F&B industry is a tough industry to be in. In my opinion, this also shows the difficult in exiting investments in consumer based businesses).

On a side note, L Capital is also very well known to overpay for companies such as Ku De Ta, which I heard is not doing well recently as well. Lastly, while L Capital did make some rockstar investments such as Charles and Keith, I do question whether they are able to replicate their previous success. Maybe it will change with the new combined firm.

Hope it helps.

 

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