Singapore shoe retailer Charles & Keith’s profile is set to rise considerably with the announcement of Louis Vuitton Moet Hennessy’s (LVMH) acquisition of a 20% stake in the company.
Charles and Keith Wong, the brothers who own the shoe company, have sold a fifth of the company’s stakes for more than S$30 million to L Capita Asia, the private equity subsidiary of LVMH. The deal, which values the company at about $200 million, will grant the homegrown label access to the branding expertise of the luxury giant, which Charles & Keith hopes to leverage on to expand into the Chinese market.
The LVMH deal is only the latest feather in Charles & Keith’s business cap, which has grown substantially since its modest beginnings in 1996. The entrepreneurial company has garnered a slew of awards for its innovative enterprise, such as the 2009 Enterprise of the Year Award by the Singapore Business Awards. To date, the corporation boasts over 200 concept boutiques in 27 countries.
