The company wants to conquer the United States, China, India and Western Europe. It will give Charles & Keith access to the branding expertise of LVMH, owner of the world's top fashion labels including Marc Jacobs, Dior and Givenchy, and allow the firm to benefit from being taken under the wing of LVMH as it expands around the globe. The younger Mr Wong is the chief operating officer and designs the shoes.
The feeding frenzy is testament to the growth of the local firm, which has shot to prominence since brothers Charles Wong, 37, and his brother Keith, 35, opened their first store in Amara Hotel in 1996.īut the deal is more than just about the money, said the elder Mr Wong, the chief executive, confirming the deal to The Sunday Times from Shanghai, where he is now based. The deal, which values the company at close to $200 million, was completed in November after LCapital fought off a slew of rival suitors which included other private equity funds, high net worth investors and even a manufacturing firm. The Wong brothers, who own the company, have sold a 20 per cent stake to L Capital Asia, the private equity arm of LVMH, for more than $30 million, sources told The Sunday Times. It's a fairy tale that has seen two brothers go from Ang Mo Kio to Paris.Ĭharles & Keith, the once-humble local shoe retailer, is now partly owned by French luxury giant Louis Vuitton Moet Hennessy (LVMH). Homegrown shoe retailer sells 20% stake for more than $30m and access to branding expertise of owner of top fashion labels Charles & Keith and LVMH become sole mates
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