LVMH’s PE arm buys Wolfensohns’ 8% in Fabindia

L Capital, the private equity arm of LVMH, the world’s biggest luxury goods group, has bought the 8% stake held by Wolfensohn Capital Partners in unlisted Indian ethnic wear chain Fabindia.The valuations and terms of the agreement were not immediately available. Media reports have valued Fabindia at about R1,400 crore. “The deal is done. A formal announcement is expected shortly,” one of the sources said. Wolfensohn Capital Partners, the New York-based venture capital fund of former World Bank President James Wolfensohn, bought the stake in Fabindia in 2007 for about $10 million.

Source: Financial Express