Ten days ago, L Catterton, the result of a merger between the private equity (PE) and real estate funds of LVMH Louis Vuitton Moët Hennessey SE, held its annual summit in New Delhi. L Capital, as the PE unit of LVMH used to be known, has invested in Fabindia, PVR and Genesis Luxury (it has exited from the first two).
Ravi Thakran, managing partner and chairman of L Catterton Asia, known for his insightful understanding of the luxury and consumer goods markets of Asia, who was in the national capital for the summit, spoke to Mint about the urgent need to invest in Indian artisanal luxury. Thakran’s belief that L Catterton could become a change agent in the arts and crafts sector given the right conditions may be a big idea whose time has come. He also argues why the Indian government’s development agenda should include local luxury.