LVMHâs luxury fund has taken a minority stake in the Norwegian luggage brand Db Bags, originally named Dochebags. It is LVMHâs luxury fundâs second investment in a Scandinavian brand, after Our Legacy, of which it acquired a minority stake in November.
This is also LVMHâs second investment in the travel accessories space, after scooping up 80% of German luxury luggage maker Rimowa, in 2017. Since then, Rimowa has proven itself robustly at the intersection of luxury and functionality, which tends to fare better in times of an overall luxury market downturn. With the Db stake, LVMH is further expanding its market share in the functional luxury space.â
Receiving backing from LLV is a huge milestone for us,â says Db CEO Richard Collier. âWhile Db will stay authentic to its core communities in snow, surf and skate, LLVâs global perspective, credibility and strategic vision makes this a perfect fit for our vision of what the brand can becomeâ.
This is the first major funding round for Db since its founding in 2012 by an entrepreneur and free-skier duo. Now, the hope is to accelerate global expansion, while doubling down on the labelâs core North European markets, as well as accelerating growth in the US and Asia.
âDb is a reference in the luggage sector, combining truly distinctive designs, high-quality and functionality, and geared towards a close community of outdoor enthusiasts, athletes, creative people and passionate travelers, with whom the brand entertains close ties,â says Julie Bercovy, CEO of LVMH Luxury Ventures Advisors.
Learn more:
âFunctional Luxuryâ: How Rimowa Keeps Growing in a Downturn
After quadrupling sales in five years following LVMHâs acquisition, the German luggage maker is seeing continued momentum during rocky times for high-end shopping, including in China.
