With the new backing, Lumière plans to open 40 to 60 cinemas in China, and seek IPO status in coming years.
Beijing-based cinema developer and operator Lumiere has announced that Mousse Partners, a private investment firm controlled by the family which owns luxury brand Chanel, has become its strategic investor. This investment marks Mousse’s first direct investment in China.
With the new backing, Lumière plans to open 40 to 60 cinemas in China, and to seek IPO status in the major domestic or international stock exchanges within the next three to five years.
Lumière currently has two cinemas in operation in China, located in Hangzhou city and Chongqing city, and 10 more under construction and development.
Sherry Lin, director and the chief representative of Mousse’s Beijing office, said, “Acquiring a stake in Lumière signifies our confidence in the company, the industry and China as well.”
“It is our great pleasure to have Mousse as our strategic investor. We strongly believe this move will further enhance our standards in operation and management, bringing forth good opportunities for future business development,” added Jimmy Wu, chairman and CEO of Lumière.
Mousse Partners is a private investment firm founded by Charles Heilbronn in the early 1990s, and currently led by chief investment officer Jean Hoysradt. Mousse Partners opened a branch office in Beijing in early 2009, investing in private equity funds, hedge funds and property funds, as well as direct and co-investments in Greater China.