L Capital committed to India’s Genesis
LVMH’s private equity firm L Capital remains committed to backing Indian retailer Genesis Luxury.
That’s according to Genesis Luxury founder and MD Sanjay Kapoor, who said that L Capital has reaffirmed it will keep its 40 per cent of the company.
Kapoor said L Capital had some issues with one of Genesis Luxury’s franchisee brands, Sephora, which affected the deal at the beginning. But now that Genesis has sold the Sephora rights to DLF Brands, the conflict between Genesis and L Capital has been resolved.
Genesis, whose portfolio of brands include Canali, Armani and Furla, plans to open 10 to 15 stores every year. It currently has 110 stores across all its brands.
Its own brand Satya Paul is its biggest, with 40 stores.
The company is in final discussions with two more global brands, it says.