From a multi-billion-dollar bid for Birkenstock back in 2021 to its enduring stake in Rihanna’s successful Savage x Fenty lingerie venture, L Catterton has been making headlines with increasing frequency. With more than 250 investments under its belt, no shortage of which come in the form of to fashion and retail entities, Greenwich, Connecticut-based L Catterton is not only one of must-know names in the private equity space, but it has become a particularly relevant force in fashion and beauty funding.
Initially launched as Catterton in 1989, a leading consumer-focused private equity firm, the current version of the firm, L Catterton, got its start in 2016 when luxury goods behemoth LVMH Moët Hennessy Louis Vuitton entered into the fold. Together with Groupe Arnault, the family holding company of LVMH chairman and CEO Bernard Arnault, LVMH partnered with Catterton’s existing North American and Latin American private equity operations, and combined it with LVMH and Groupe Arnault’s existing European and Asian private equity and real estate operations to create what would become “the largest, diversified consumer-dedicated private equity firm in the world.” Currently boasting approximately $30 billion of assets under management, L Catterton says that it “dedicated to growing middle market companies and emerging high-growth enterprises,” and believes that it is “the largest and most experienced consumer-focused private equity group in the world.”
Against that background, here is a look at the timeline behind L Catterton’s quest to build “iconic and enduring consumer brands,” which has seen it invest in leading consumer brands across various consumer goods/services segments. The following are companies in which L Catterton – and its various regional arms – currently maintain or have historically maintained a stake. The nature of the stake (venture/minority or majority), the strategy (growth, flagship buyout, etc.), and status of the investment (current or historical) are indicated. (Please note: This is not an exhaustive of the acquisitions and investments that exist in relation to L Catterton, and instead, focuses exclusively on fashion, beauty, and other retail entities.)
Jul. 2023: Irene Forte Skincare (venture/minority) (growth) – Irene Forte Skincare, a Certified B-Corp and pioneer in high-performance natural skincare, has secured a minority investment from L Catterton to support the brand’s global expansion. The investment positions the company for continued growth in Europe and the U.S. as the brand expands its presence among luxury retailers and online partners.
Apr. 2023: Dibs Beauty (venture/minority) (growth) – Dibs Beauty, a fast growing color cosmetics brand, treceived a significant growth capital investment from L Catterton.
Mar. 2023: APC (majority) – Atelier de Production et de Création (“A.P.C.”), a globally recognized French clothing brand, and L Catterton announced on March 2, 2023 that they signed binding agreements to form a strategic partnership to advance the brand’s international presence. L Catterton Europe will acquire a controlling interest in A.P.C., while founder Jean Touitou and Judith Touitou will continue to hold a significant minority.
Dec. 2022: BloomChic (venture/minority) (Asia) – BloomChic, a digital-first fashion and lifestyle destination for modern women sized 10-30, received an investment from L Catterton. This positions BloomChic to embark on its next stage of growth and further realize its vision of enabling mid- and plus-size women to easily find clothes that fit them and their lives, in line with the company’s core values of inclusivity, empowerment, and accessibility.
May 2022: Sugar Cosmetics (venture/minority) (Asia) – SUGAR Cosmetics, one of India’s largest omni-channel beauty companies and a cult favorite amongst Gen Z and Millennial consumers, closed its $50 million Series D fundraise led by the Asia fund of L Catterton. The upsized round saw strong interest from multiple private equity funds with continued participation from existing investors – A91 Partners, Elevation Capital, and India Quotient – firmly placing the company on track to further capitalize on its growth momentum in the rapidly expanding beauty and personal care market in the country.
Sept. 2021: Merit (venture/minority) (growth) – MERIT, the minimalist beauty brand led by CEO Katherine Power, closed a $20 million Series A funding round led by the Growth Fund of L Catterton, along with participation from Marcy Venture Partners and Sonoma Brands.
Jul. 2021: Etro (majority stake) (Europe) – Etro entered into a binding agreement to partner with L Catterton. Under the terms of the agreement, L Catterton Europe will acquire a majority stake in the Company, while the Etro family will retain a significant minority. Etro Founder Gerolamo Etro will be appointed as Chairman of the Company.
May. 2021: Sociolla (venture/minority) (Asia) – L Catterton announced an investment in Social Bella International (“Sociolla”), the leading beauty and personal care e-commerce player in Indonesia. L Catterton will join the Company’s board and support the founders in reaching new consumers and meeting the growing demand within the beauty and personal care category. This investment will provide more Gen-Z and Millennial consumers with access to Sociolla’s trusted and curated high-quality beauty and personal care brands in Indonesia and Vietnam.
Feb. 2021: Birkenstock (majority stake) (flagship buyout, Europe, Asia) – Birkenstock agreed to sell a majority stake to L Catterton, it confirmed on February 26, in a deal that brings the maker of comfy, blocky sandals in the orbit of French luxury powerhouse, LVMH. While “the family-owned German company did not disclose financial details of a deal it said would help it to grow in China and India, as well as expand its online business,” per Reuters. Sources say the transaction values the company at approximately 4 billion euros ($4.85 billion).
Investment Status: Current. After Birkenstock’s October 11, 2023 IPO, L Catterton will hold an 82.8 percent stake in Birkenstock and control a majority of the combined voting power of its outstanding shares.
Feb. 2021: Savage x Fenty (venture/minority) (growth) – The lingerie company that Rihanna founded with TechStyle Fashion Group closed a $115 million Series B fundraising round led by L Catterton.
This is a short excerpt from a running timeline that was published exclusively for TFL Enterprise subscribers. For access to all of our up-to-date fashion & retail M&A trackers, inquire today about how to sign up for an Enterprise subscription.
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