A firm backed by LVMH has bought a stake in the owner of Bicester Village in a £1.5bn deal.
Private equity group L Catterton, a partner of the French fashion giant, snapped up the 42pc stake in Value Retail previously owned by property developer Hammerson.
Bicester Village, a designer shopping outlet in Oxfordshire, is part of the empire of LVMH boss Bernard Arnault
The deal means Bicester Village, a designer shopping outlet in Oxfordshire, is part of the empire of LVMH boss Bernard Arnault, one of the world’s richest men with a fortune of £148bn.
L Catterton is one of the largest consumer-focused private equity groups in the world with £26bn assets under management. It has been part of Arnault’s empire since 2016, with LVMH owning 40pc of it.
It is a majority stakeholder in 52 groups including Birkenstock,
Ganni and Golden Goose. Value Retail owns nine retail hubs across Europe.
This includes Bicester Village, which is home to luxury brands such as Alexander McQueen, Jimmy Choo and Stella McCartney. Hammerson, which also owns the Bullring shopping centre in Birmingham, said the sale will generate around £600m in cash.
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