How does Bpifrance choose its fashion investments? As Senior Investment Director for Fashion and Luxury, Delphine le Mintier-Jonglez is an expert in the French Touch Capital sector. She explains the entire decision-making process for FashionUnited, from the selection criteria to capital investment.
Bpifrance is a public investment bank. It is owned by the French state and the Caisse des Dépôts. Its mission is to support the development of French companies in all sectors. Appropriate measures are used depending on the industry.
Fashion is part of a larger area called the cultural and creative industries (CCP). Bpifrance summarizes this under the name “French Touch”.
The public bank pursues a mission of general interest. It sometimes acts as an initial investor in segments that are still poorly financed by private players. It is divided into two main areas: financing, i.e. loans and guarantees, and equity investments. Delphine le Mintier-Jonglez works in this second area. She works at French Touch Capital, the fund for the cultural and creative industries that is part of Bpifrance’s innovation arm.
In the fashion sector, investments are focused on initiatives that sustainably strengthen and structure the French and European industries. These should create lasting value and fit into a long-term vision.
The profile of the fashion brands in which Bpifrance invests
“We are interested in clothing brands with increased selectivity. We are also interested in lifestyle brands that can develop towards outdoor and in accessories brands with high potential,” Delphine le Mintier-Jonglez told FashionUnited. “Beyond the brands, we invest in the entire ecosystem. This includes industrial, technological and innovative projects that strengthen the competitiveness and sustainability of the industry.”
She believes in “brands that resonate.” These are brands that have strong creative DNA and tell an authentic story. They draw on a rich cultural heritage. “They must offer fair and unique value. Today it is essential that they cultivate a collaborative and experiential dimension. This is how they mobilize their audience around a strong narrative.”
For example, Bpifrance was the first fund to invest in Ami Paris or Lemaire. The bank continues to support projects such as Officine Générale, Jacquemus and Satisfy Running.
In addition to this creative dimension, the strength of the management team and the ability to implement operations are crucial criteria. The teams primarily examine companies that already have commercial success and a structured business model. Product positioning and the match between price, quality and target market are also part of the analysis.
How French Touch Capital’s investment team selects brands
French Touch Capital’s investment team reviews the documents. This includes business plan analysis, product positioning and business management. The dossiers are then presented to a committee of experienced financial investors. This decides on a possible minority investment, which is usually planned for five to seven years.
Every year, French Touch Capital’s investment team reviews around a hundred dossiers. Only a minority of these are ultimately presented to the Investment Committee.
“We prefer companies with a strong strategic vision and solid corporate governance,” explains Delphine le Mintier-Jonglez. “This is driven by visionary and talented leaders who are able to implement their plan. They should have or be on the way to a profitable business model and have international ambitions. Beyond excellent implementation, we look for projects that take a sustainable, responsible and innovative approach.”
Most often, the goal is to provide funds to accelerate the company’s development rather than buying existing shares. This examination phase can extend over several weeks or even months. It is characterized by conversations with the founders.
The areas of activity of Bpifrance’s investment division
The scope of activity of Bpifrance’s investment division is wide. He supports French companies of all sizes, from young, high-growth companies to established players.
Within French Touch Capital, investments cover a wide range. This ranges from venture capital for young companies to growth financing or company succession.
French Touch Capital manages around 400 million euros to support companies in the cultural and creative industries. In the fashion industry, annual investments in equity amount to several million euros.
“Our investment amounts start at 500,000 euros. They are adapted to each development phase and realized as a co-investment with other players, such as investment funds or family offices,” explains the director.
The aim is also to achieve leverage by bringing additional private investors to the side of the public bank.
About Delphine le Mintier-Jonglez
After studying finance at the University of Dauphine, art enthusiast Delphine le Mintier-Jonglez decided to join the Institut Français de la Mode to rediscover her creative side. At the age of 24, she joined the Mode et Finance fund founded by Didier Grumbach, which was later taken over by Bpifrance. Today she is a senior investment director for fashion and luxury on the French Touch Capital team. This team supports the creative industries with expanded resources through a combination of funding and expertise.
Your job is to support local entrepreneurs. It helps them to grow and structure their projects in the long term. They are particularly touched by the sincere encounters with visionary creative people. The authentic exchange about French creativity is also important to her.
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