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L Catterton, the private equity giant backed by LVMH Moët Hennessy Louis Vuitton, has acquired a majority stake in the Japanese denim brand Kapital, according to a recent listing update on its homepage.
According to information disclosed by L Catterton, the majority investment was completed last year for an undisclosed sum.
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Known for its interpretation of American Western styles through the lens of Japanese craftsmanship, workwear aesthetics, and a cult-like following among denimheads, Kapital was founded by Toshikiyo Hirata almost 40 years ago in Japan’s Kojima district, which was the birthplace of Japanese denim and is renowned as the denim capital of Japan; the latter sparked the inspiration for the brand’s name.
When Hirata passed away last April, his son Kazuhiro Hirata, who joined in 2022 as a designer, took over the family business.
To honor Hirata’s legacy, the brand hosted a runway show titled “Guiding Light” for its latest spring 2025 collection. Characterized as a farewell moment by Kazuhiro Hirata and infusing the collection with wry humor, a model opened the show with a copy of a newspaper with a bold headline that read “The Denim Died!” The collection, heavily influenced by Western wear and retro hip-hop styles, put Kapital’s intricate denim craftsmanship on full display and was soundtracked by funky city pop.
Kapital’s retail network spans an online shop and 10 stores in Japan. The company operates four denim factories and one dyeing facility, according to Kapital’s website.
With fresh capital infusion, Kapital is expected to strengthen its business network, which mainly revolves around the Japanese market, and even venture abroad.
L Catterton, created as a merger between Catterton Partners, LVMH, and its parent company Groupe Arnault, has completed over 275 investments in well-known consumer brands worldwide.
In the fashion sector — in addition to Kapital — L Catterton has also invested in Birkenstock, Etro, Gentle Monster, Charles & Keith, Everlane, Ganni and GXG.
Fueled by lifestyle preferences and increasing interested in niche styles, LVMH Ventures, the venture capital arm of LVMH Moët Hennessy Louis Vuitton, has recently acquired a minority stake in the Scandivanian cult label Our Legacy and DB, a Norwegian luggage brand.
LVMH Luxury Ventures also holds stakes in companies including Gabriela Hearst, Aimé Leon Dore, Versed and Madhappy.