5 August, 2015
Baker & McKenzie has advised Sephora on its acquisition of beauty e-commerce site Luxola Pte. Ltd, a deal which further expands the former's presence in Southeast Asia and beyond. This transaction is believed to be one of Singapore’s biggest Internet startup acquisitions this year, according to local business daily, The Business Times.
Sephora is a subsidiary of French luxury group LVMH – Moët Hennessy Louis Vuitton. Luxola is a Singapore-based online beauty retailer that offers a wide range of cosmetics and skincare products across Southeast Asia.
The multi-jurisdictional team was led by Gerald Heng and also includes Baker & McKenzie's member firms in Southeast Asia.
The team advised on deal structuring in light of the highly regulated e-commerce sector in Southeast Asia. It also advised on the main sale and purchase agreement and various related and ancillary documents relating to the transaction.
Commenting on the deal, principal Wong Ai Ai of Baker & McKenzie.Wong & Leow, who was in charge of the transaction, said: "We are delighted to have advised Sephora on this deal which sees it reinforcing its presence in the fast-growing Southeast Asian market. The tech startup scene in Singapore is thriving and many tech businesses are steadily growing their market reach across Asia. This, in turn, is attracting the attention of established global players which are looking to grow their presence in the region's markets. Our Firm is well-placed to advise on strategic acquisitions like this one given our strengths in cross-border deals."