BAPE has been among the world’s most iconic streetwear brands since its founding in Harajuku, Tokyo, Japan in 1993
CVC announces the completion of an investment in A Bathing Ape (“BAPE”) after the brand became an independent company from I.T Limited. This follows the successful privatization of I.T Limited by Brooklyn Investment Limited, owned by CVC Capital Partners Asia V Limited (“CVC”) and the Founder Group of I.T on Friday 30 April 2021. With the investment, CVC has acquired co-control of BAPE.
BAPE has been among the world’s most iconic streetwear brands since its founding in Harajuku, Tokyo, Japan in 1993. BAPE’s line up of labels includes A Bathing Ape, AAPE, Baby Milo, BAPE Black, and Mr. Bathing Ape, which are sold in stores across Asia, North America and Europe.
CVC plans to support the expansion of the business both online and geographically. BAPE will pursue the growth of its presence in overseas markets such as China, the United States and Europe, as well as evolving its online offering to enhance the customer experience and optimizing its marketing and sales channels through increased digitalization.
Yann Jiang, Director at CVC, said: “BAPE is an iconic brand with a loyal fan base that has defined the fashion industry with its premium streetwear designs. We are looking forward to bringing this exciting brand to more markets and new customers around the world.”
CVC has a twenty-year track record of expanding businesses in Asia, and will leverage its respective experience in internationalization, commercial expansion and digitalization, as well as the strength of its existing portfolio of global brands to support BAPE’s growth ambitions.
Sham Kar Wai, Chairman, CEO and co-founder of I.T Limited, said: “I take great pride in the success of the brand to date, which has been thanks to the commitment of our leadership and staff. CVC is the right partner to support the transformation of BAPE as we focus on our long-term growth.”
“CVC is very pleased to partner with Chairman Sham and the BAPE team, which has developed and expanded BAPE’s position as a leading global streetwear brand. We will work closely together and drive the continued success of the business.” added Yann Jiang.
The completion of the investment follows I.T Limited’s shareholder meetings on 16 April 2021, where disinterested shareholders holding over 99.99% of shares voted in favor of the Scheme of Arrangement.
GIC and The Phoenix Mills establish a retail-led mixed-use investment platform in India with an initial portfolio of US$733 million
SINGAPORE/MUMBAI, 02 June 2021 – GIC, Singapore’s sovereign wealth fund, and The Phoenix Mills Limited (“PML”; BSE: 503100 | NSE: PHOENIXLTD) have entered into a strategic partnership to establish an investment platform (the “Joint Venture”) for retail-led mixed-use assets in India. This platform will seek to develop, own, and operate retail-led, mixed-use developments in India.
GIC will acquire a significant minority stake in a US$733 million portfolio of retail-led mixed-use developments, located in the prime consumption centres of Mumbai and Pune. These assets, totalling ~3.4 million sq ft of leasable retail and office space, are currently amongst PML’s most prime and well-performing operational assets.
Lee Kok Sun, Chief Investment Officer of Real Estate, GIC, said, “We are pleased to partner with PML in this Joint Venture to acquire a stake in these best-in-class retail assets in prime locations in India. With the management capabilities of a leading partner like PML, we believe that the Joint Venture will generate resilient long-term returns. GIC has been investing in India for more than a decade and our long-term confidence in the Indian real estate market remains strong.”
Kishore Gotety, Co-Head (Asia ex-China) of Real Estate, GIC, added, “We recognise that the unprecedented global crisis is impacting consumer sentiments and that the necessary lockdown has made it challenging for all businesses, especially those in the retail sector. However, the long-term structural growth that the Indian retail industry continues to offer due to favourable demographics, urbanisation, growing middle class, and increasing consumerism trends will still benefit the Joint Venture. We expect continued strong performance in the Indian retail sector as organised retail penetration increases and population density remains high.”
Atul Ruia, Chairman of Phoenix Mills, said, “We are pleased to expand our relationship with GIC, a marquee sovereign wealth fund revered globally. GIC is a like-minded, long-term partner who shares our vision for creating, owning and managing best-in-class retail and commercial assets. Their investment reaffirms the enormous growth opportunity for quality physical retail infrastructure in India and, in particular, PML’s ability to develop, operate and manage market leading mixed-use assets. Through this platform with GIC, we intend to jointly explore value-accretive acquisition opportunities. Proceeds from the transaction received by PML will act as growth capital to both PML and its subsidiaries to explore and further enhance our portfolio of annuity income assets.”
Shishir Shrivastava, Managing Director of Phoenix Mills, said, “The partnership with GIC has taken shape at an opportune time, revalidating the long-term attractiveness of India’s resilient consumption story. It also underscores the fact that the current impact on pre-eminent brick-and-mortar retail is only transient. This investment will ensure the continuity of PML’s business model of developing, owning and operating dominant consumption hubs in Tier 1 city-centric micro-markets it chooses to be present in. The combination of growth capital availability from this partnership, along with our proven ability to execute large scale projects – will be a powerful force to help us deliver on our vison.
The current disruption has tested the elasticity of our business model, and has sharpened our capital budgeting to become even more secure for underwriting our decadal growth plans. With multiple vaccines now feasible, we see a clear path towards turning the corner past the 2nd wave. As restrictions start relaxing, we are optimistic of a sharp re-bound in consumption, as we experienced post the first wave. Even through this trying period, our stated strategy for expanding our portfolio in market leading destinations is on track and on speed.”
The transaction is subject to relevant regulatory approvals.
- Acquisition of a leading European producer of shower enclosures, shower trays, wall panels and bathroom accessories
- Firmly established market position and strong order backlog provides solid platform for organic development in a stable and growing market
Munich / London, June 1, 2021 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) successfully completed the acquisition of HÜPPE GmbH from Masco Corporation as of May 31, 2021.
HÜPPE is one of Europe’s leading manufacturers of shower enclosures, shower trays, wall panels and bathroom accessories. The company currently employs around 470 people at two production sites in Germany and Turkey, as well as six European sales entities. In 2020, HÜPPE generated sales of roughly EUR 70 million, about the same as in the previous year. The good performance despite the corona pandemic reflects the trend of end consumers upgrading their bathrooms and the increasing replacement of bathtubs with more sustainable and barrier-free shower areas. HÜPPE stands for innovation, quality and customer service and is ideally positioned to benefit from these trends.
Together with the management team, AURELIUS plans to drive growth beyond the existing product portfolio and customer base. In addition, AURELIUS will contribute operational know-how to achieve a more sustainable positioning of the group by implementing efficiencies in the purchasing and manufacturing process. This will create the basis for future growth via add-on-acquisitions.
“Hüppe is a successful company in a steadily growing market. We will generate further organic growth on the basis of a well-filled order backlog, including recently acquired projects. Add-on acquisitions in the European core market will provide additional impetus. We look forward to working with the team on the ground,” said Matthias Täubl, CEO of AURELIUS Equity Opportunities SE & Co. KGaA.
Scotland-based raw, natural pet food company, Bella & Duke Ltd, has today announced a successful investment round of £7 million from a consortium of investors.
BGF has injected £5 million, with the balance provided by existing shareholders, including a further investment from Mobeus.
Bella & Duke was founded in 2016 by Mark Scott and Tony Ottley – two friends who agreed that existing mainstream pet food products did not give dogs and cats the best chance of enjoying long, healthy lives. Bella & Duke’s raw, natural pet food provides notable health benefits to pets, with over 92% of customers reporting an improvement in their dog within 8 weeks.
Bella & Duke has grown rapidly to post revenues north of £11m in its last financial year and delivers over 2m meals per month across Great Britain.
This new investment will accelerate marketing activity, increase factory capacity, and create further job opportunities at Bella & Duke’s headquarters located in Fife. Total employee numbers have also recently risen to almost 100, with further significant increases planned over the next few years as the business scales up.
Alongside the funding round, Peter Farquhar will join Bella & Duke as Chairman. Peter is the former Chairman of natural pet food brand, Forthglade.
Mark Scott, co-founder and CEO of Bella & Duke says: “Attracting this recent investment demonstrates the long-term potential for Bella & Duke and showcases the significant opportunity within the raw feeding category generally.
“The business has grown significantly in recent years due to the increasing consumer demand for natural, nutritionally beneficial pet food as well as the success of our subscription-based business model, that delivers frozen food from our factory in Fife directly to customers’ homes throughout Great Britain.
“This funding round will enable us to continue growing and we’re delighted to be working with our investors for the next phase of the journey.”
Graham Clarke, investor at BGF, says: “Providing consumers with high-quality raw pet food in a subscription-based model is proving a winning formula – and so we are delighted to be supporting Mark, Tony and the Bella & Duke team in their next phase of growth. We believe they are perfectly placed to deliver the new industry-standard of consumer pet wellness in Great Britain.”
Walker Edison, a Leading E-commerce Furniture Company, Receives a Significant Minority Investment from Blackstone
WEST JORDAN, Utah, May 24, 2021 — Walker Edison, a leading supplier of furniture with an exclusive focus on the e-commerce channel, announced today that funds managed by Blackstone Tactical Opportunities (NYSE: BX; “Blackstone”) have made a significant minority investment in the Company. The Company’s Founders, Brad Bonham and Matt Davis, and controlling investor Prospect Hill Growth Partners maintain a majority stake.
Walker Edison designs and supplies affordable, ready-to-assemble furniture. Their extensive logistical network and data-driven business model provides an end-to-end solution to leading global e-commerce platforms – allowing their partners to seamlessly offer a wide variety of products with fast shipping to consumers.
Brad Bonham, Co-Founder and CEO of Walker Edison, said: “We’ve made tremendous progress since partnering with Prospect Hill Growth Partners in 2018. Adding Blackstone as a partner alongside Prospect Hill is an exciting step in our evolution as a data-centric e-commerce enabler. Our hyper-growth has been driven by our pivot to data, and we believe that growth will only accelerate by partnering with Blackstone’s unique offerings in data science, logistics, and supply chain as we continue to expand across the globe.”
Jasvinder Khaira, a Senior Managing Director at Blackstone, said: “Walker Edison is a pioneer in its sector and trusted partner to many of the world’s leading e-commerce platforms. The continued shift toward online purchasing and strengthening consumer recovery are two of Blackstone’s highest conviction investment themes – and the company is poised for significant further expansion. We are excited to work with their first-class management team to help further accelerate their growth in the years ahead.”
Ann Chung, a Managing Director at Blackstone, said: “Walker Edison’s combination of scale, technology, and product offerings have made it a leader in the fast-growing online furniture industry. We believe their business is well positioned to benefit from strong tailwinds moving forward as e-commerce adoption continues to rise – particularly among younger furniture customers.”
David Fiorentino, a Partner at Prospect Hill Growth Partners, said: “We continue to believe strongly in the value proposition of Walker Edison as a data-driven, e-commerce enablement solution. We are excited to continue our partnership with the Founders, Brad and Matt, and welcome Blackstone’s expertise in e-commerce as we continue to build a category-leading company across the globe.”
Terms of the transaction were not disclosed. Ropes & Gray served as legal advisor and Goldman, Sachs & Co. and Lincoln International, LLC served as financial advisors to Walker Edison. Simpson Thacher Bartlett served as legal advisor to Blackstone.
About Walker Edison
Since its establishment in 2006, Walker Edison has become a leading partner and drop-ship solution for the biggest names in e-commerce. Driven by data, they strive to cultivate a culture that inspires customers to Live Outside the Box™ with innovative furniture. Walker Edison is a global organization with operations in Brazil, Asia, the UK, and Germany. To learn more visit www.walkeredison.com. Follow Walker Edison on Instagram @WalkerEdisonCo.
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $649 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About Blackstone Tactical Opportunities
Tactical Opportunities (Tac Opps) is Blackstone’s opportunistic investment platform. The Tac Opps team invests globally across asset classes, industries and geographies, seeking to identify and execute on attractive, differentiated investment opportunities. As part of the strategy, the team leverages the intellectual capital across Blackstone’s various businesses while continuously optimizing its approach in the face of ever-changing market conditions.
About Prospect Hill Growth Partners
Prospect Hill Growth Partners is a Boston-area private equity firm that makes equity investments of up to $100 million in North American consumer and healthcare growth companies. The partners of Prospect Hill Growth Partners have invested $2.8 billion of capital in 37 portfolio companies while working together over the last two decades. The partners’ successful investment track record has been built on a sector-focused strategy, a robust operational value-add model, and strong alignment of interests. For more: www.prospecthillgrowth.com.
Back Market raises $335 million as its renewed electronics marketplace approaches 5 million customers worldwide
Series D investment round led by leading global growth equity firm General Atlantic, with the support of Generation Investment Management, brings Back Market past unicorn territory and further establishes the refurbished sector’s important place in the consumer electronics landscape.
May 18, 2021
Just three years after launching in North America, Back Market, the leading global dedicated refurbished electronics marketplace, today announced an investment round of $335 million led by General Atlantic, with the support of Generation Investment Management, as well as existing investors Goldman Sachs Growth Equity, Aglaé Ventures, Eurazeo and daphni.
The Series D round is an exciting opportunity to take Back Market’s vision to the next level allowing the company to consolidate and build on its position as the leading dedicated marketplace in refurbished electronics. Back Market’s CEO, Thibaud Hug de Larauze, explains:
“Our goal now goes beyond making renewed tech a viable option. We want to make it the first choice for electronics purchases. The support and confidence of these prominent funds, together with our growing customer base, marks an important step in Back Market’s journey, and more importantly for the refurbished sector as a whole.”
Following its North Star: Back Market keeps pushing to transform the industry
Nearing 5 million customers worldwide, Back Market is catalyzing a fundamental shift in consumer behavior and driving the conversation around how people consume technology. Sustainability is increasingly a driving factor in purchase decisions. In a 2019 US Consumer Sustainability Survey by CGS, 68% of respondents across age and gender said sustainability was important to them when making a purchase. A consumer panel showed that 25% of Americans cite sustainability as the most compelling reason to buy refurbished electronics in 2021, up from 16% in 2019. Sustainability is a huge part of the brand’s DNA, and Back Market has attracted investors that truly value the company’s mission and vision.
General Atlantic brings deep global expertise in scaling high-growth businesses that challenge and transform industries, while Generation Investment Management, one of the earliest dedicated sustainability investors, backs companies leading the transition to a more sustainable, system-positive economy. Their combined experience will support Back Market in its next phase of global growth. According to Vianney Vaute, Back Market’s Chief Creative Officer:
“It’s a very positive signal that investors and consumers alike are bullish on the circular economy. Times are changing, and we are positioned to have a real and lasting impact on the way people purchase electronics—and the sustainability of the electronics industry as a whole.”
Quality is king: Back Market to invest heavily in merchant services
Back Market, which has been valued at $3.2 billion, has 1,500 sellers on its platform and counting. As more sellers and brands embrace refurbished and join the company, it is more important than ever to ensure high quality. Back Market is dedicated to continue ensuring strong quality control to expand the appeal of refurbished products to a widening customer base. Customer satisfaction will always be tied to rigorous standards of customer service and parts sourcing, and Back Market’s merchant services will enable its sellers to continue providing high-quality products and experiences, while increasing consumer confidence in the brand and the refurbished sector.
“Renewed electronics are already the more cost-effective and more sustainable choice versus buying new; now that we are beginning to successfully eliminate the gap in quality, we are gearing up to go toe-to-toe with the $1.5 trillion new device market.” says Mr. Hug de Larauze.
Back Market’s efforts to date have already yielded excellent results. The company has successfully cut down the overall defective rates of products on the platform to 5%. For reference, the unofficial failure rate of new devices hovers at around 3% (case in point, the iPhone X and the iPhone 8 Plus, which both came out end of 2017, were each reported to have a 3% failure rate in Q1 of 2018).
The refurb revolution: an increasingly global phenomenon
Back Market continues to focus on bringing high-quality refurbished electronics to more countries in a number of recent and upcoming launches. In 2021, Back Market brought its live country operations to a total of 13 markets, entering Japan, Finland, Portugal and Ireland. The company will soon be opening in Canada, Greece, Sweden and Slovakia.
Back Market is leading the charge for the refurbished market by building a brand that is focused on quality, reliability and strong after-sales services. This day marks a turning point for the refurbished sector as Back Market’s category-disrupting business model democratizes access to high-quality electronics and strengthens the circular economy.
Chris Caulkin, Managing Director and Head of Technology for EMEA, General Atlantic: “We are excited to support Back Market, a category-defining business which is re-shaping and growing the refurbished electronics market globally. Back Market has built a strong consumer brand centered around quality, sustainability, convenience and affordability. We look forward to working with Thibaud, Quentin, Vianney and the full Back Market team as they accelerate their expansion into new categories and geographies.”
Shalini Rao, Director of Growth Equity, Generation Investment Management: “Back Market’s transparent and trusted approach empowers consumers to change their purchasing behavior by making it easier, safer and more affordable to buy refurbished goods. We look forward to supporting Back Market as it doubles down in the US and elsewhere globally. The world generates over 50 million tonnes of electronic waste each year. Back Market offers an alternative that has the potential to radically shift unsustainable consumption patterns.”
Alexandre Flavier, Executive Director, Goldman Sachs Growth Equity: “We are proud to support Back Market’s mission as a category leader in sustainable economy. Since our investment last year, we are delighted to see Back Market’s rapid rise across Europe, the US, and more recently Asia. This new fundraise is testament to the strength of Back Market’s vision, business model and first class management team.”
Antoine Loison, co-founder, Aglaé Ventures: “For more than four years, we have been happy to support Back Market, its founders and its teams, in building the world category leader for refurbished products. Back Market fully embodies the values of entrepreneurship, innovation and commitment to sustainable development to which we are particularly attached.”
Yann du Rusquec, Partner, Eurazeo, Growth expertise: “Back Market is making its mark as one of the strongest companies in the circular economy. Eurazeo is proud to continue supporting Thibaud and his talented team as they usher in a new era for the consumer electronics industry.”
About Back Market:
Launched in 2014 by Thibaud Hug de Larauze, Quentin Le Brouster, and Vianney Vaute, Back Market is the world’s leading dedicated renewed tech marketplace. The company brings high-quality professionally refurbished electronic devices and appliances to customers in 13 countries (including the United States, France, Germany, the United Kingdom, Italy, Spain, Belgium, Austria, the Netherlands, and more recently, Portugal, Japan, Finland and Ireland). It employs a team of 480 employees and counting across its 4 offices located in New York, Berlin, Paris and Bordeaux.
About General Atlantic:
General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon, and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
About Generation Investment Management:
Generation Investment Management LLP is dedicated to long-term investing, integrated sustainability research, and client alignment. It is an independent, private, owner-managed partnership established in 2004 and headquartered in London, with a U.S. office in San Francisco. Generation Investment Management LLP is authorized and regulated in the United Kingdom by the Financial Conduct Authority. www.generationim.com .
About Goldman Sachs Growth Equity:
Founded in 1869, The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm. Goldman Sachs Growth Equity is the dedicated growth equity team within Goldman Sachs Asset Management, with over 25 years of investing history, over $8 billion of assets under management, and 9 offices globally. To read more, visit: https://growth.gs.com/homepage.html
About Aglaé Ventures:
Aglaé Ventures is an international venture capital firm based in Paris, New York and San Francisco backed by Agache, the controlling shareholder of LVMH. Aglaé Ventures invests from € 100K up to € 100MM in asset light activities and fast-growing technology companies at all stages. Over the past 20 years, Aglaé and its affiliates have backed some of the most iconic global technology companies including Netflix, Slack, Spotify, Airbnb, Automattic, eToro and many others.
Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in Assets Under Management, including €15 billion from third parties, invested in 450 companies. With its considerable private equity, private debt and real assets expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
Eurazeo has offices in Paris, New York, São Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid. Eurazeo is listed on Euronext Paris.
Mary Armstrong & Emily Japlon
General Atlantic email@example.com
NEW DELHI & MUMBAI, India–(BUSINESS WIRE)– Lenskart, a leading omni-channel eyewear retailer in India, and KKR, a global investment firm, today announced the signing of definitive agreements under which KKR will invest US$95 million in Lenskart (“the Company”) via a secondary stake acquisition.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210516005045/en/
Upon the completion of the transaction, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers’ virtual and omni-store experience.
As part of the transaction, existing investors TPG Growth and TR Capital, who first invested in Lenskart in late 2014, will each divest a portion of their holding in the Company.
Lenskart was launched with a vision to revolutionize eyewear in India and now globally. Established in 2010, the Company today is the largest service provider for eyewear in India, serving over 7 million customers annually through its omni-channel shopping experience, which spans online, mobile application, and 730 omni-channel stores in 175 cities across the country. In 2019, Lenskart also expanded to Singapore – marking its foray into Southeast Asia – where it is now a key service provider for optical. Lenskart integrates technology into all aspects of its operations to enhance customers’ browsing, shopping and purchasing experience, in addition to manufacturing and supply chain optimization. Among Lenskart’s digital offerings is a virtual 3D try-on tool; AI-powered facial mapping and frame recommendation features; smart physical stores with seamless omni-channel experience; and footfall tracking beacons, heat maps and demographic analytics; and intelligent supply-chain and inventory-management solutions.
Peyush Bansal, CEO of Lenskart, said, “At Lenskart, we are obsessed with our customers, technology, and making world a better place through easily accessible, best-quality eyewear. More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions. Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone – first in India, and now worldwide. We are also working on the larger human agenda of improving people’s quality of life by allowing them to ‘Be More and Do More’ with their eyewear through our innovative products such as Lenskart Airflex, E-lock, Neuro-science lenses, and Lenskart BLU.”
“I feel we are still scratching the surface and have a lot of work to do over next 10 years in India and globally,” Mr. Bansal added. “In the next five years, we aspire to have 50% of India wearing our specs. Today’s announcement is a milestone and a step towards that goal. We are thrilled to welcome KKR as an investor given their significant experience working with leading global eyewear retailers such as National Vision and 1-800 Contacts as well as technology-focused businesses globally. We look forward to working alongside KKR to elevate Lenskart to its next phase of growth.”
Gaurav Trehan, Partner at KKR, said, “As a technology-driven business, Lenskart is a strong, homegrown disruptor in India’s rapidly expanding eyewear industry. We are truly excited to work with Peyush and Lenskart’s impressive management team to support Lenskart’s growth and innovation in India and internationally, in addition to advancing its mission to provide affordable, accessible eyewear products for everyone.”
KKR is making its investment from its Asian private equity fund. Lenskart is KKR’s latest investment that supports industry-leading consumer companies enabled by technology. Recent technology-focused investments for KKR in Asia include Adopt A Cow, a digitalized, direct-to-consumer dairy company in China, NetStars, the operator of Japan’s largest QR code payment gateway, and Walnut Programming, a children’s programming education company in China.
Avendus Capital advised Lenskart on the transaction. Additional details of the transaction are not disclosed.
“Your most unhappy customers are your greatest source of learning,” said Bill Gates, Peyush Bansal’s long-time hero and ex-employer. Inspired by this lesson, Lenskart was founded. Lenskart, since then, has revolutionized the eye care market in India. Lenskart is India’s fastest growing eyewear business serving over 7 million customers every year. Lenskart is relentlessly pursuing its goal of revolutionizing the eye-wear industry by investing in technology and innovation that will make high quality affordable eyewear accessible to all. Lenskart is backed by Softbank, Kedaara Capital, Premji Invest, Steadview Capital among other key investors.
KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
+91 98115 44682
KKR Asia Pacific
+852 3602 7335
Cara Major or Miles Radcliffe-Trenner
AdFactors (for KKR in India)
George Smith Alexander
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EQT Growth leads investment in Vinted, Europe’s largest online C2C platform dedicated to second-hand fashion
- EQT Growth led the EUR 250m Series F fundraise in Vinted, Europe’s largest online C2C platform dedicated to second-hand fashion, with presence in over 10 markets worldwide
- The underlying market of Vinted is supported by favourable secular megatrends, including increased focus on sustainability efforts and greater demand for circular fashion
- EQT Growth will support Vinted and its management team by accelerating growth into new geographies and help strengthen its existing leading position across its core markets, by leveraging EQT’s strong digital and sector expertise, global platform and extensive advisory network. Following the investment, Carolina Brochado, Partner at EQT Growth, will also join Vinted’s board
EQT is pleased to announce that EQT Growth has led the investment in Vinted Limited (“Vinted” or “the Company”). The investment, which is made through EQT AB’s balance sheet, is part of Vinted’s EUR 250 million Series F fundraise at a pre-money valuation of EUR 3.5 billion.
Founded in 2008 and headquartered in Vilnius, Lithuania, Vinted operates in over 10 markets, and has become the largest online C2C marketplace in second-hand fashion across Europe. Since Thomas Plantenga took over as CEO in 2016, Vinted has transformed its business model and developed a proven market development playbook, as evidenced by the Company’s strong growth and traction in recent years. These unique characteristics are supported by best-in-class unit economics and an enduring financial profile across its key markets. This virtuous flywheel effect is enabled by more than 45 million members globally
Vinted’s underlying market is supported by several secular tailwinds, including growing concerns around sustainability and climate change, as well as an increased focus on the circular economy, with consumers eager to make more responsible and less wasteful fashion choices1.
EQT Growth will aim to support Vinted’s accelerated growth and continued pursuit of commercial excellence by investing in the Company’s platform and technology, helping it cement its leading position across its core markets and enabling further expansion into other global markets.
Moreover, the Company is expected to leverage EQT’s in-house digital and tech expertise and network of advisors to continue providing a best-in-class customer-centric experience. Together with management, EQT Growth will support Vinted’s plans to reinforce its position as the largest online marketplace for second-hand fashion across Europe. Following the investment, Carolina Brochado, Partner at EQT Growth, will also join Vinted’s board of directors.
Carolina Brochado, Partner and Investment Advisor to EQT Growth, said, “Vinted is transforming the second-hand fashion market across Europe through their customer-centric approach and extraordinary execution. Vinted is the perfect example of EQT Growth’s strategy of backing fast-growing European tech champions that tap into several macro trends, such as the increasing consumer demand for sustainability and continued penetration of online channels within fashion. We’re immensely proud and excited to be supporting Thomas and the Vinted team and we cannot wait to work together to further unlock the market for circular fashion.”
Thomas Plantenga, CEO of Vinted, said, “We are contributing to a seismic shift in the second-hand fashion market, enabling more sustainable, socially-responsible shopping habits. Our platform offers a great, easy-to-use product and helps people experience the benefits of second-hand trade. We want to replicate the success we’ve built in our existing European markets in new geographies and will continue investing to improve not only our product, but also to ensure we continue having a positive impact. We are grateful to our existing and new investors, and believe today’s milestone is a vote of confidence in our commitment to the circular economy and our relentless effort to build a business that encourages more people to buy and sell second-hand.”
In line with the commitment to invest in sustainable businesses, EQT Growth will accelerate Vinted’s growth as it supports the circular economy and responsible consumption. By enabling consumers to sell and buy clothing and other items second-hand, reduce unnecessary production and promote innovation, Vinted contributes to the Sustainable Development Goals (SDG) #9, #12 and #15.
The transaction is expected to close in May 2021, subject to customary approvals.
1Source: McKinsey’s report on “Consumer Sentiment on Sustainability in fashion” from July 2020
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EQT Press Office, email@example.com, +46 8 506 55 334
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. Including Exeter, EQT today has more than EUR 67 billion in assets under management across 26 active funds within two business segments – Private Capital and Real Assets.
With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.
The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and has more than 975 employees.
About EQT Growth
EQT Growth explores thematic growth opportunities at the point companies are ready to scale, investing in a range of technology and technology-enabled businesses.
Vinted is the largest online international C2C marketplace in Europe dedicated to second-hand fashion, with a growing member base of over 45 million users spanning 13 markets: France, Germany, Belgium, Spain, Italy, the Netherlands, Austria, Poland, Czech Republic, Lithuania, Luxembourg, UK and the USA. Founded in 2008 in Lithuania by Milda Mitkute and Justas Janauskas, and joined by first investor and COO Mantas Mikuckas in 2011, the company is now led by CEO Thomas Plantenga and backed by six leading investment firms: EQT Growth, Lightspeed Venture Partners, Accel, Insight Venture Partners, Burda Principal Investments, and Sprints Capital. On a mission to make second-hand the first choice worldwide, Vinted helps members sell and buy second-hand clothes and accessories from each other, making shopping a mobile and social experience through one-on-one member interactions in its community. The European start-up is head-quartered in Vilnius, with offices in Berlin, Utrecht and Prague and has over 700 employees.
More info: www.vinted.co.uk
Kinnevik AB (publ) (“Kinnevik”) today announced that its Board has decided the final terms for the distribution of Kinnevik’s shareholding in Zalando SE (“Zalando”), through a share redemption plan. The Board has decided to distribute Kinnevik’s entire shareholding in Zalando, and accordingly Kinnevik will distribute 28 Zalando shares for 143 Kinnevik redemption shares, equivalent to approximately SEK 166 or 0.195 Zalando share per Kinnevik share. Kinnevik will thereby make an extraordinary value transfer of approximately SEK 45.8bn to its shareholders.
The Annual General Meeting of Kinnevik on 29 April 2021 resolved to distribute Kinnevik’s shareholding in Zalando through a share redemption plan. The Board was authorised to determine the final distribution per share as well as the timetable for the share redemption plan. Kinnevik’s Board has today decided to distribute Kinnevik’s entire shareholding in Zalando through the share redemption plan, and that the redemption consideration accordingly will be 28 Zalando shares for 143 Kinnevik redemption shares. Based on the closing price for Zalando’s share on the Frankfurt Stock Exchange as at 10 May 2021, the redemption consideration per share corresponds to approximately SEK 166, a total value transfer to Kinnevik’s shareholders of approximately SEK 45.8bn.
Further, the Board has set the record date for the share split and the right to receive redemption shares to Tuesday 18 May 2021. The last trading day in the Kinnevik share before the share split including the right to receive redemption shares is Friday 14 May 2021. From and including Monday 17 May 2021, the Kinnevik share will be traded not including the right to receive redemption shares. The redemption shares will be traded on Nasdaq Stockholm from and including Wednesday 19 May 2021 to and including Wednesday 9 June 2021. The Zalando shares are estimated to be available on the shareholders’ securities accounts, nominee accounts or equivalent on Friday 18 June 2021.
Please note that both the resolved terms and the timetable are the same as the indicative terms and timetable stated in the notice to the 2021 Annual General Meeting and in the information brochure regarding the share redemption plan.
Kinnevik’s shareholding in Zalando will for technical reasons be distributed in the form of Euroclear Sweden-registered Zalando shares that the holder may re-register directly with Clearstream Germany following the share redemption plan (during July 2021). The re-registration is made to enable shareholders to complete transactions with the distributed Zalando shares on the Frankfurt Stock Exchange. An information brochure with further information on the share redemption plan as well as detailed instructions on the subsequent, free-of-charge, re-registration is available on Kinnevik’s website at www.kinnevik.com under the heading ”General Meetings” (which can be found under the section ”Governance”).
Shareholders with questions regarding the distribution can call or email Kinnevik’s hotline call center service operated by Computershare.
Phone: +46 (0)8-46 00 73 89
For further information, visit www.kinnevik.com or contact:
Torun Litzén, Director Investor Relations
Phone: +46 (0)70 762 00 50
Kinnevik’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies to make people’ lives better and deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.