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LVMH-backed L Catterton Asia establishes new JV targeting Indian consumers

L Catterton Asia, the global investment firm L Catterton’s Asian platform, has announced the formation of a joint venture partnership in India specifically tailored to cater to the needs of the country’s discerning consumers.

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Teaming up with seasoned executive Sanjiv Mehta, L Catterton Asia aims to establish a new investment vehicle to unlock opportunities within the Indian consumer market, which is being projected to become the world’s third largest by 2027.

“With India now having the world’s largest population and generating high GDP growth, there has never been a better time to deepen our commitment to the market and invest in the consumer businesses that will shape the landscape of tomorrow,” said L Catterton global co-CEO Michael Chu.

“We are thrilled to partner with Sanjiv, and to work together to create a differentiated partnership that leverages his deep understanding of the Indian consumer, in combination with our disciplined and proven category-first and operating-centric approach to investment and value creation.”

Effective April 4, 2024, Mehta will assume the role of executive chairman of India for the newly formed joint venture. Mehta’s appointment will extend beyond the Indian market, encompassing L Catterton Asia and the firm’s global fund platforms.

“This is a strategically important initiative for our Asia platform and for our firm globally,” said L Catterton Asia managing partner Scott Chen.

“Asia is expected to drive more than half of the world’s GDP growth this decade, fuelled by young, technologically enabled and highly dynamic consumers. This unique joint venture brings our firm’s global network and capabilities together with Sanjiv’s insights and experiences to create a compelling offering for investors,” added Chen.

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Mehta brings over three decades of experience at Unilever PLC Group. Under his leadership as president of Unilever South Asia, as well as chairman and CEO of Hindustan Unilever Limited (HUL) from 2013 to June 2023, HUL’s market capitalisation soared fivefold, reaching INR 6.2 trillion (USD 76 billion) and propelling HUL to become India’s fifth largest public company by market cap and the nation’s leading fast-moving consumer goods company.

Said Sanjiv Mehta, “With L Catterton’s global reach, investing expertise in the consumer sector, and familiarity with the region, all augmented by its strategic partnership with LVMH and the Arnault family office, the firm is very well positioned to succeed. I look forward to working closely with the team and helping to capitalise on the significant opportunities ahead.”