Japanese buyout firm Advantage Partners, through its Asia Fund, has acquired Elise Fashion, one of Vietnam’s major women’s fashion brands. The transaction has marked the first acquisition of a company in Vietnam by Advantage Partners’ funds.
Elise Fashion was founded in 2011 as a branded fashion chain targeting women in the 20-45-age segment. The company’s operations are vertically integrated from design and manufacturing to sales at its retail locations. Elise currently operates 95 stores across Vietnam.
Advantage Partners said the deal would accelerate Elise’s growth by leveraging its experience in the women’s fashion segment. The private equity firm has previously invested in fashion companies such as Meganesuper, an eyewear retailer in Japan, and outdoor wear chain ISG ishii-sports.
Established in 1992, Advantage Partners has deployed five buyout funds and closed its first Asia fund last year with $380 million commitment, to make investments outside of Japan.
Prior to Elise, it had backed Beijing-based Korean restaurants operator Zheng Yi Wei, Malaysian consumer packaging manufacturer Plastic Centre Group, a Taiwan-based manufacturer of eggs and egg-related products, and a Shanghai-based provider of education services.
Late last year, Vietnamese media reported that Japanese fashion retailer Uniqo was eyeing a 35% stake in Elise, however, Uniqo denied the rumor, while Luu Thi Nga, CEO of Elise, did not immediately comment when reached.