Luxury group LVMH Moet Hennessy Louis Vuitton is reportedly spending more than USD100 million for a majority stake in Singapore-based Chinese restaurant chain Crystal Jade.
LVMH’s private equity arm Christina Teo has revealed to Wall Street Journal that the company is working on a more than 90 percent ownership of the company, which now operates over 100 outlets in nine countries the world.
Crystal Jade CEO Ip Yiu Tung’s majority stake will naturally be reduced, but he is expected to continue as CEO for about a year after the big handover.
Photo: Crystal Jade
