Israel’s Lusix gets $90 mn from LVMH arm, others; Electra snaps up Adidas stores

 Israel’s Lusix gets $90 mn from LVMH arm, others; Electra snaps up Adidas stores

A lab-grown diamond by Lusix

Lusix, an Israeli startup that produces lab-grown diamonds, has raised $90 million in a funding round from investors including LVMH Luxury Ventures, an investment arm of global luxury group Moët Hennessy Louis Vuitton.

Israeli investment firms Ragnar Crossover Fund and More Investments also joined the round, Lusix said.

Lusix said it will use the new money to expand its production capacities in Israel. It will do so with a second solar-powered unit that will begin operating later this year.

Lusix was founded by well-known entrepreneur Benny Landa, within Landa Labs, which is the science innovation and incubation arm of the Landa Group. It was spun off as a separate entity in 2016 under co-founder and chief technology officer Yossi Yayon.

The company markets its lab-grown diamonds under the brand name Sun Grown Diamonds.

Landa, the founder, said the financial support of high-profile investors such as LVMH Luxury Ventures, will help contribute greatly to the company’s success.

Electra Consumer Products

Tel Aviv Stock Exchange-listed retail company Electra Consumer Products has signed a pact to acquire 18 stores selling Adidas products from businessman Arik Maman for NIS30 million ($8.86 million).

Electra will buy the stores in a two-stage deal. In the first stage, it will acquire a 49% stake in Maman’s company that runs the stores for NIS15 million. It will pay another NIS15 million for the remaining shares, once it gets an approval from Adidas for the deal.

Maman’s firm has a franchise agreement to operate the stores till 2030 under the Adidas brand.

Electra’s latest deal is significant as it comes after the company inked franchise deals to open stores in Israel branded by French retailer Carrefour and supermarket chain 7-Eleven.

Aman Malik

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