L Catterton makes exit from China mall operator Sasseur
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International private equity firm L Catterton has substantially divested from Chinese mall operator Sasseur Cayman Holding. The firm has reduced its shareholding from 58.86 per cent to just 1.36 per cent, as part of ongoing efforts to optimise its portfolio. Sasseur Cayman is the sponsor of listed Sasseur Reit.
L Catterton Asia chairman Ravi Thakran said: “We continue to strongly believe in the long-term growth prospects of Sasseur and the opportunities it offers to investors in terms of exposure to China’s fast-growing outlet mall industry. We will continue to support the company’s growth initiatives as a Sasseur shareholder.”
In a separate statement, Sasseur said that growth prospects for China’s outlet sector remain solid – projected to expand at approximately 25 per cent annually for the next five years – with the fastest sales growth among the retail segments in China, even outpacing that of e-commerce.
Questions & Answers
Q.What percentage of Sasseur Cayman Holding did L Catterton initially own?
What percentage of Sasseur Cayman Holding did L Catterton initially own?
L Catterton previously held a 58.86 per cent stake in Sasseur Cayman Holding. This substantial shareholding has now been significantly reduced as part of their portfolio optimisation strategy.
Q.What is the projected growth rate for China's outlet sector over the next five years?
What is the projected growth rate for China's outlet sector over the next five years?
China's outlet sector is projected to expand at approximately 25 per cent annually for the next five years. This growth is expected to be the fastest among all retail segments in China.
Q.Will L Catterton retain any involvement with Sasseur after this divestment?
Will L Catterton retain any involvement with Sasseur after this divestment?
Yes, L Catterton will continue to support Sasseur's growth initiatives as a shareholder, despite significantly reducing its stake. The firm still holds a small portion of shares.