Fashion

L Catterton buys majority stake in French brand APC


Translated by

Nicola Mira

Published



March 2, 2023

French independent designer Jean Touitou was searched for an investor for several months and finally found a financial partner for his label Atelier de Production et de Création (APC). In recent weeks, L Catterton often designated as the first to acquire the French ready-to-wear brand launched in 1987.

APC

In the press release issued on March 2, the investment fund co-founded by Mr LVMH group and the Arnault family announced their decision to invest in APC to “accelerate [the label’s] international expansion.” It is also said that, while L Catterton acquired a majority stake, for an undisclosed amount, Jean and Judith Touitou (who later joined the company in 1997) still holds a substantial amount of shares.

They say: “We take great pride in the quality work we have done and have been able to create a timeless brand with a sentiment that resonates with customers around the world. “After 36 years of running the company on our own, we are delighted to partner with L Catterton, whose leadership shares our vision for APC and can contribute real expertise. in developing international brands. With the support of L Catterton and in-depth knowledge of the world of brands, we are embarking on an ambitious new phase of growth with enthusiasm and determination,” they added.

Jean Touitou – APC

The French label is certainly in the best possible position to execute this new chapter. In 2017, the investment fund Audacia, which has held less than 10% of APC’s shares since 2012, withdrew. And in 2018, APC Group decided to withdraw from Vanessa Seward brand, which at the time generated less than €4 million in revenue but was burdened with operating losses, to focus on its eponymous brand.

APC has not released revenue figures. According to public results filed in France, the company’s best financial year is 2021, when the company recorded sales of 82 million euros.

Currently, across all its businesses, APC says it generates 80% of its sales outside of France and operates around 100 stores worldwide. It also sells via e-tail, whose sales have improved significantly and now account for about 30% of total sales. L Catterton, currently supporting labels like ganni, Birkenstock And Etrois expected to take APC to the next level through 17 offices worldwide.

“Strongly committed to improving its environmental footprint and armed with a solid global strategy, APC is a distinctive and recognizable brand. It also benefits, through its history and the values ​​conveyed by its entire staff, from a single identity in the fashion sector. Eduardo Velasco, a partner at L Catterton, says its authenticity plays a key role in the powerful emotional content it delivers to its loyal consumers. “We are delighted that L Catterton, with our global presence and recognized expertise in brand development, will stand with us. [APC’s] visionary founders, Jean and Judith, along with its talented top executives, François-Cyrille and Joël, to drive the growth of APC and co-write the sequel to its life. its unique adventure,” added Velasco.

The operation is scheduled for completion in the first half of this year to coincide with two new appointments. François-Cyrille de Rendinger, now chief executive officer, has been appointed president and Joël Sraer, formerly deputy chief executive officer, has been appointed chief executive.

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