Key Takeaways
- • Unlisted assets under management rose from roughly $4,000 billion in 2010 to nearly $13,000 billion in early 2024, with projections reaching as high as $30,000 billion by 2030, according to the column.
- • French venture capital funds generally avoid B2C products, particularly those manufactured in France, because luxury's long-term cycle clashes with the hypergrowth model venture capital favors.
- • The luxury sector is dominated by five giants (Chanel, Hermès, Kering, LVMH and Richemont), and corporate venture arms LVMH Luxury Ventures (launched 2017) and Kering Ventures (since 2019) increasingly invest abroad.
- • Trilobe founder Gautier Massonneau and Beaubleu founder Nicolas Ducoudert built their watch brands without venture capital, relying on sales revenue, family support and Kickstarter crowdfunding.
- • The column concludes that self-financing is viable for new Made in France luxury brands, but development capital funds are likely needed to scale.
Summary
An opinion column published 16 October 2026 asks whether French venture capital is genuinely supporting "Made in France" luxury goods. The author argues that renewal of the category requires new independent French houses rooted in the regions, warning against products sold under major French brand names that contain few French components. The column cites Cartier, Chanel and Hermès watch collections, which carry a "Swiss Made" designation despite France's watchmaking tradition.
The author notes that unlisted assets under management have grown significantly, from about $4,000 billion in 2010 to nearly $13,000 billion in early 2024, with projections of up to $30,000 billion by 2030. In France, more than 12,000 companies receive fund support, three-quarters of them SMEs and startups. However, this activity is concentrated in strategic, technology-driven sectors such as defense and deep tech. The column states that French venture capital funds do not invest in B2C products, especially those manufactured in France.
The piece attributes this to structural mismatch. Traditional venture capital seeks hypergrowth, while luxury, particularly Made in France luxury, operates on a long-term cycle that requires time to build customer trust and spread investment in design, marketing and retail. The author also points to market consolidation, with five giants dominating the sector. Two of these groups invest through corporate venture arms: LVMH Luxury Ventures, launched in 2017, takes minority stakes in companies with revenue of 2 to 5 million euros and has backed French house BDK Parfums as well as Swiss knitwear specialist Molli. Kering Ventures, active since 2019, has a highly international portfolio, including Chinese fine jewelry brand Borland and US company Superplastic.
As alternatives, the column highlights founders who avoided venture capital. Gautier Massonneau launched high-end watchmaker Trilobe, which has operated its own manufacturing facility in Ivry-sur-Seine since 2018 using CNC machines capable of micron-level precision; he initially relied on friends and family and grew from sales revenue. Beaubleu, a Parisian watchmaker founded in 2017 by Nicolas Ducoudert, used Kickstarter crowdfunding for its first collections before growing organically.
The column concludes that self-financing and non-venture alternatives are viable for future Made in France luxury brands, though scaling will likely require development capital funds to support operational maturity.
The author notes that unlisted assets under management have grown significantly, from about $4,000 billion in 2010 to nearly $13,000 billion in early 2024, with projections of up to $30,000 billion by 2030. In France, more than 12,000 companies receive fund support, three-quarters of them SMEs and startups. However, this activity is concentrated in strategic, technology-driven sectors such as defense and deep tech. The column states that French venture capital funds do not invest in B2C products, especially those manufactured in France.
The piece attributes this to structural mismatch. Traditional venture capital seeks hypergrowth, while luxury, particularly Made in France luxury, operates on a long-term cycle that requires time to build customer trust and spread investment in design, marketing and retail. The author also points to market consolidation, with five giants dominating the sector. Two of these groups invest through corporate venture arms: LVMH Luxury Ventures, launched in 2017, takes minority stakes in companies with revenue of 2 to 5 million euros and has backed French house BDK Parfums as well as Swiss knitwear specialist Molli. Kering Ventures, active since 2019, has a highly international portfolio, including Chinese fine jewelry brand Borland and US company Superplastic.
As alternatives, the column highlights founders who avoided venture capital. Gautier Massonneau launched high-end watchmaker Trilobe, which has operated its own manufacturing facility in Ivry-sur-Seine since 2018 using CNC machines capable of micron-level precision; he initially relied on friends and family and grew from sales revenue. Beaubleu, a Parisian watchmaker founded in 2017 by Nicolas Ducoudert, used Kickstarter crowdfunding for its first collections before growing organically.
The column concludes that self-financing and non-venture alternatives are viable for future Made in France luxury brands, though scaling will likely require development capital funds to support operational maturity.
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