LVMH has launched Luxury Ventures to invest in small and promising fashion, cosmetics or accessories companies.

LVMH Luxury Ventures will be headed up by group deputy-head of mergers and acquisitions Julie Bercovy and will target companies turning over between 2 million and 5 million euros, the company announced Friday.

“The aim is to accompany financially the development of these small nuggets to create value,” said a spokesman.

Luxury Ventures will launch with a starting capital of 50 million euros and invest between 2 million and 10 million euros in target businesses.

LVMH has also announced a design and manufacturing joint venture with eyewear manufacturer Marcolin in which it will buy a 10 per cent stake. The move is aimed at giving Louis Vuitton greater control of its eyewear brands and represents a shift away from the traditional licensing model. Previously, LVMH contracted Safilo for most of its eyewear brands.

Marcolin says it will start by making eyewear for the Celine and Louis Vuitton brands from 2018, before taking over other labels in the French giant’s stable.