Founded in 1989 by Louis Vuitton owner LVMH and French billionaire Bernard Arnault private firm L Catterton has launched a blank-check firm to raise about $250 million in an initial public offering. As per Business of Fashion, The firm has launched a special purpose acquisition company (SPAC), L Catterton Asia Acquisition Corp to target firms in the consumer technology sectors across Asia. Led by managing partners of L Catterton Asia, the SPAC will sell 25 million units, made up of shares and warrants, priced at $10 a piece on the Nasdaq.

L Catterton currently has $22 billion in assets under management and has invested in companies such as Indian telecom firm Jio, exercise bike maker Peloton Interactive Inc and online used car seller Vroom Inc. A SPAC is a shell company that raises money in an IPO to merge with a privately held company that then becomes publicly traded as a result. SPACs have emerged as a popular IPO alternative for companies looking to go public with less regulatory scrutiny. Credit Suisse is the underwriter for the offering.