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French luxury group taking over Crystal Jade

LVMH's private equity arm buying 'over 90%' of home-grown chain

Published on Apr 30, 2014 6:54 AM
Crystal Jade chairman and chief executive Ip Yiu Tung said L Capital's backing would open doors for the firm and help it expand faster. -- ST PHOTO: MATTHIAS HO

Home-grown chain Crystal Jade will soon be running its restaurants with a dash of French flair, thanks to a new ownership structure on the menu.

The company is being taken over by Paris-based luxury group LVMH Moet Hennessy Louis Vuitton's private equity arm, which has been on a buying spree over the past few months.

L Capital Asia has signed a deal to buy "over 90 per cent" of Crystal Jade Group for an undisclosed sum, managing director Christina Teo told The Straits Times earlier this week.

"It is a household brand that resonates with many people. We think we can add value," she said.

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