Sequoia Capital China has acquired a controlling stake in luxury brand AMI Paris, one of France’s most promising fashion houses.
AMI’s Founder and Creative Director Alexandre Mattiussi and the brand’s Managing Director Santi-Weil will both retain their roles in the company.
“We are proud to welcome a strong and visionary ally, and together write a new chapter in the evolution of AMI. Combining the global reach and digital expertise of Sequoia Capital China with the creativity and energy of AMI will no doubt create a formidable cocktail,” said Santi-Weil.
“We all share the same goal of adding a new dimension to the history of our brand. Alexandre and I were convinced by their determination to support us as entrepreneurs while understanding and respecting the fundamental values that define us.”
The Sequoia Capital investment is particularly valuable for the French fashion house as it will help the brand expand its customer base and further tap into the lucrative Chinese luxury goods market. Today, Chinese consumers account for 35 percent of global luxury goods sales and are projected to represent nearly half of global sales by 2025. AMI Paris has already seen immense success with flagship stores in markets such as the U.K., France, China and Japan. The company sells through 350 points of sale globally, Hypebeast reported.
“We will help the brand quickly achieve digital transformation and penetrate deeply into the local market,” said Sequoia’s Shen Nanpeng.
Several other players in the fashion industry, including both eCommerce platforms and fashion houses, have turned to Chinese partners in recent years to expand their presence in China. In November last year, eCommerce platform Farfetch saw a $1.1 billion investment from Alibaba and Richemont — part of which the company plans to use to launch Farfetch China. More recently, Gucci teamed up with Alibaba to start selling on Tmall Luxury Pavillion, Alibaba’s luxury fashion platform, which has a reach of 750 million customers.