LVMH’s PE arm buys 8% of Fabindia | business | Hindustan Times
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LVMH’s PE arm buys 8% of Fabindia

L Capital, the private equity arm of LVMH, the world’s biggest luxury goods group, has bought the 8% stake held by Wolfensohn Capital Partners in unlisted Indian ethnic wear chain Fabindia, two sources with direct knowledge of the matter said.

business Updated: Feb 15, 2012 22:23 IST

L Capital, the private equity arm of LVMH, the world’s biggest luxury goods group, has bought the 8% stake held by Wolfensohn Capital Partners in unlisted Indian ethnic wear chain Fabindia, two sources with direct knowledge of the matter said.

The valuations and terms of the agreement were not immediately available. Media reports have valued Fabindia at about Rs 1,400 crore ($283 million).

“The deal is done. A formal announcement is expected shortly,” one of the sources said.

Wolfensohn Capital Partners, the New York-based venture capital fund of former World Bank president James Wolfensohn, bought the stake in Fabindia in 2007 for about $10 million.

Fabindia, which sells clothing, furnishings and fabrics, also plans to raise funds for expansion, the sources said.

Wolfensohn India MD Sanjiv Kapur and a spokeswoman for Fabindia declined to comment, while L Capital MD Sanjay Gujral did not immediately respond to an email seeking comment.