L Catterton acquires controlling stake in A.P.C.
L Catterton Europe is to acquire a controlling interest in French casualwear brand A.P.C. and help it to grow its international presence.
A.P.C. was founded in Paris in 1987 by Jean Touitou who has been managing the business ever since. He was joined by Judith Touitou in 1997 and the pair will continue to hold a significant minority stake in the business.
The company is now an international brand with more than 80% of sales coming from outside of France. It also has a strong distribution footprint in 70 countries, including across Asia and North America. With online now accounting for nearly 30% of revenues, A.P.C. has a growing portfolio of approximately 100 retail stores.
L Catterton is planning to help A.P.C. reach a new level of international recognition.
Jean and Judith Touitou said: “We take great pride in having established A.P.C. as a timeless brand that resonates with consumers globally. After 36 years under our stewardship, we are thrilled to partner with L Catterton’s team, who share our vision for A.P.C. and bring a real know-how in international brand development. With L Catterton’s support and extensive knowledge of the fashion category, we are embarking with great enthusiasm and determination on an exciting and ambitious new chapter of growth.”
Following the close of the transaction, current A.P.C. chief executive François-Cyrille de Rendinger will serve as president and current deputy chief executive Joël Sraer will be appointed as chief executive.
Eduardo Velasco, a partner in L Catterton Europe, said: “A highly differentiated brand with a robust international strategy and sustainability at its heart, A.P.C. is praised for its authenticity, a defining attribute that nurtures the strong connection and emotional attachment from its loyal customers.
“We are delighted to partner with A.P.C.’s visionary founders, Jean and Judith, and talented leaders, François-Cyrille and Joël, to support its global growth while preserving its values. We are confident that with our vast global network and extensive experience building fashion brands, A.P.C. will be well positioned to continue revolutionising the fashion industry.”
L Catterton has a significant track record of partnering with apparel brands across the world. Current and past investments include Birkenstock, Etro, Ganni, Savage X Fenty, ba&sh, JOTT, and Gentle Monster.
