L Capital Asia buys into Australian sport brand
L Capital Asia has acquired a 40% share of the Australian brand 2XU. The announced goal of the transaction is to make 2XU the leading sports brand in the Australian market. In injecting capital into 2XU, L Capital Asia becomes a partner investor to Lazard Private Equity, the first financial backer to the brand.
2XU is specialized in technical fabrics, especially compression wear. Its products are used by top athletes in Australia and internationally, such as some basketball players in the NBA and NFL football leagues in the United States. The label is distributed in fifty markets. It boasts an annual 40% increase in sales over the past five years.
"We are thrilled to have L Capital Asia as a partner," said Clyde Davenport, executive chairman and co-founder of 2XU. "We believe that its experienced international team will accelerate us towards our goal of becoming Australia's first major global sportswear brand."
L Capital Asia is the investment arm for the Asia-Pacific region on behalf of LVMH, Groupe Arnault and the YTL Corporation. Since its founding in 2009, the company has invested in thirteen brands in the zone. The investment fund first took interest in an Australian brand in spring 2013, acquiring 49.9% stake in the Australian heritage brand RM Williams boots.
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