20% of Charles & Keith Acquired by Louis Vuitton

Homegrown shoe brand Charles & Keith is now 20% owned by French luxury house Louis Vuitton Moet Hennessy (LVMH). The latter’s private equity fund, L Capital Asia, bought the stake for SGD 30M (USD 23.5M) with a valuation of about SGD 200M (USD 158M). LVMH owns many top fashion labels, including Marc Jacobs, Dior and Givenchy.

Charles & Keith was started by a pair of brothers with SGD 100K (USD 79K) back in 1996 with their first store in Amara Hotel in Singapore.

Having started their footwear experience in their parents’ shop in the heartlands in Ang Mo Kio, Charles and Keith Wong have grown Charles & Keith to more than 300 stores in 26 countries across Asia and the Middle East under both its Charles & Keith and Pedro brands. Charles & Keith focuses on ladies’ footwear while Pedro serves both men and women.

In an interview with The Straits Times, the brothers told of a long process that led up to the closing of the deal. The brothers didn’t need the money but were eventually convinced that LVMH’s involvement will help Charles & Keith conquer China, India, US and Western Europe.

The brand now has 6 stores in Shanghai, China and aims to have 100 stores within the next 5 years across China.

If you’re interested in more of the Charles & Keith story and plans, you should really read the ST interview.