Danish fashion label Ganni has received a cash injection from L Catteron, in the latest investment move from the esteemed private equity firm, as it continues to build its fashion and luxury portfolio.
The LVMH-back L Catterton announced that a definitive agreement to make a strategic investment in the label had been reached.
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Ganni is owned and run by a Copenhagen-based husband-and-wife team: creative director Ditte Reffstrup and CEO Nicolaj Reffstrup. The pair took the helm in 2009, following the brand’s initial debut as cashmere knit brand in 2000.
Today, Ganni boasts a turnover of 40 million euros (around $47 million).
“Partnering with L Catterton is a hugely exciting opportunity for us to further build on the solid foundations that were laid since 2009. This comes exactly at the right time for Ganni and will drive us forward in the next few years as we’ll get access to the knowledge and network of both L Catterton and LVMH,” said Nicolaj Reffstrup.
The CEO explained that Ganni – which positions itself as an “alternative” to the typical Scandinavian style – had already been an approached by several investment firms, but chose L Catterton because it felt the firm shared its vision.
“We firmly believe that L Catterton will strengthen our business with their unparalleled expertise in brand building and their deep understanding of how a global fashion brand operates,” added Reffstrup.
L Catterton, which was formed through a partnership between Catterton, LVMH and Groupe Arnault in 1989, has made over 200 investments in consumer brands since its debut. This includes big-time luxury labels and retailers such as Giuseppe Zanotti, GANT, Pepe Jeans, and SMCP.
In 2017, L Catterton announced the backing of Korean eyewear brand Gentle Monster, as well as Rhone Apparel, Tula skincare, Mizzen + Main, Il Makiage, and Equinox Fitness.
It also successfully merged its swimwear brands, Australia’s Seafolly with Colombia’s Maaji, to create a global swimwear and beach lifestyle platform worth an estimated $143.8 million in annual sales, back in April.
Most recently, the firm sold its 40% stake in Genesis Luxury to Reliance Brands, the operator of high-end brands in India such as Bally and Ermenegildo Zegna.