Swiss luxury crystalware firm Lalique Group has signed a strategic partnership with Damian, a Hong Kong company representing Chinese investors.
While defined as “notable”, the investors have not been identified, Fashion Network reports.
Expected to come into effect in January, the deal will be worth €20 million (US$23.3 million) to Lalique. The first step is a share capital increase through the issue of 997,300 shares, of which Damian will underwrite 380,000 for the sum of CHF11.4 million (US$11.4 million), pending shareholder approval.
A JV agreement has also been signed between Lalique China, a subsidiary of Lalique Group, and Damian. Lalique will hold a 51 per cent stake while Damian will invest €10 million. This will allow the Zurich-based group to boost China distribution for its crystalware and jewellery, and to tailor its products for interior decoration and the art and hotel/catering industries.
For its first six months this year, the Lalique group had a 9 per cent rise in revenue to €64.2 million. To further boost its business in Asia, the group has also signed a strategic partnership with Singapore Airlines, set to launch in January.