Luxury conglomerate LVMH has purchased a minority stake in the French luxury leather goods brand Polene under its private-equity firm L Catterton, according to L’Informe.

Polene, established in 2016 by siblings Elsa, Mathieu, and Antoine Mothay, is known for its reasonably priced premium leather goods manufactured in Spain. The brand also operates several boutiques in Tokyo, New York, Paris, and Seoul.

Previously, the French label was part of Otium Capital’s portfolio, an investment company owned by billionaire Pierre-Edouard Sterin, who recently sold its shares in July.

LVMH’s interest in the brand can be traced back to Cyril Geunoun, co-founder and general partner of Algae Ventures, a venture capital fund of Groupe Arnoult and advisor to LVMH. In 2016, his group had already acquired a minority share in Polene, alongside Sa Wexford and DNA.

Polene is set to open boutiques in London and Hamburg next year.