Mirabaud Lifestlye Impact & Innovation invests in Highsnobiety
Over the last few years, Swiss banking group Mirabaud's investment platform has been active in financing French brands through its Mirabaud Patrimoine Vivant fund, taking stakes in the likes of Carel, Anne Fontaine, Zapa, Le Coq Sportif, and Mauboussin. But the platform, which is supported by the expertise of ex-minister and former LVMH executive Renaud Dutreil, moved into a new stage of development last year.
Mirabaud Asset Management convinced investors to create a new investment vehicle called Mirabaud Lifestyle Impact & Innovation, led by Dutreil and David Wertheimer, son of Chanel's Gérard Wertheimer. The structure had a total envelope of between 200 million and 250 million euros.
"Our desire is to invest 75% of the capital in growth companies, making between 10 and 50 million euros in revenue. The idea is to make investments of around 15 million euros in a dozen companies. With the remaining 25%, we are intending to make another dozen investments in early stage businesses. These are companies making between 1 and 10 million euros in revenue. We want to select the success stories of the future," explained Dutreil to FashionNetwork.com in January.
The first recipients have now been identified and Mirabaud has announced that it has already acquired stakes in six "companies addressing the needs of a new generation of conscious consumers, which are increasingly seeking to contribute to a more responsible and sustainable world, looking to have a global positive impact."
Although maintaining a certain discretion regarding the sums invested in these companies, the group has divulged the profiles of two of the businesses, one of which is German street culture-focused e-commerce and media platform Highsnobiety. "Targeted at younger demographics, the global platform covers news and trends in high fashion, streetwear, art and culture. The Mirabaud team is currently engaging with Highsnobiety’s management on strategy, content creation and brand recognition – as well as in the further development of unique and innovative offline experiences," explained the group in a release.
Founded by current CEO David Fischer in Berlin in 2005, the company was battered by the Covid-19 crisis in 2020. Its business model combines an editorial offering and a shopping platform, but also solutions for brands and advertisers, provided through its HS Studio structure. As well as its HQ in Berlin, the company has offices in Los Angeles, London, Hong Kong, Tokyo and New York.
The Mirabaud Lifestyle Impact & Innovation fund also revealed that it has acquired a stake in e-commerce service provider Intrepid. In June, Mirabaud was the lead investor in a funding round which saw the company, which offers e-commerce solutions for international brands looking to develop their business in South-East Asia, receive $11 million. Founded in 2019 and led by Jasper Knoben, Intrepid is based in Singapore and operates in Indonesia, Vietnam, the Philippines, Malaysia, Thailand and Hong Kong.
"The companies we have identified are true ‘next generation’ opportunities and each displays strong commitments to sustainability," explained David Wertheimer. "All of our investments illustrate our unique proposition and the exceptional pipeline we have access to, in each case collaborating with other strategic investors capable of supporting us with the development of these promising companies."
According to Mirabaud, it is in the process of finalizing two new investments.
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