LVMH-backed equity firm L Capital Asia has acquired a 40 per cent interest in Australian sports brand 2XU.
Founded in Melbourne in 2005, 2XU has a global distribution network that covers more than 50 countries. Its products are used by numerous elite athletes around the world including the Australian Institute of Sport, together with many leading NBA and NFL stars across North America. It has achieved a strong financial performance over the past five years with revenue growth in excess of 40 per cent per annum.
L Capital Asia will be able to provide 2XU with a valuable consumer markets understanding and access to global markets, through its extensive network and the LVMH Group.
“We believe that its experienced international team will accelerate us towards our goal of becoming Australia’s first major global sportswear brand,” said 2XU executive chairman and co-founder Clyde Davenport.
The 2XU acquisition follows L Capital Asia’s acquisition of Australian bushwear company R.M. Williams for around A$52 million (US$55 million) earlier this year.
L Capital Asia also invested in Australian food store Jones the Grocer last year.