L Catterton backs Dishoom at £300m, advancing LVMH's experiential play
Bottom Line Impact
The investment positions L Catterton and LVMH to monetize experiential demand with disciplined unit economics, bolstering revenue growth and margins via scalable dining while enhancing market position and brand equity through curated cross-brand collaborations.
Key Facts
5- Dishoom valued at ~£300m; founders diluted for the first time while retaining day-to-day control
- Investment led by L Catterton (AUM ~$37b), which is 40% owned by LVMH, with participation from Bernard Arnault's family office
- Dishoom opening a Glasgow outlet at month-end, expanding beyond its successful Edinburgh location
- Brian Trollip appointed CEO in 2024, formalizing leadership to support scale-up
- Deal size undisclosed; minority growth capital structure implied by founders' continued control and board-level involvement expected
Time Horizons
Executive Summary
L Catterton, 40% owned by LVMH, has taken an equity stake in Dishoom at an approximate £300m valuation, alongside Bernard Arnault's family office, signaling a push to scale premium experiential dining. The move strengthens LVMH's ecosystem approach across hospitality and experiences, creating cross-brand collaboration and future roll-up optionality while accelerating Dishoom's UK expansion and potential international entry.
Actionable Insights
Immediate Actions (Next 30-90 days)
Execute a 100-day operational blueprint: lock 3-4 priority leases for 2026, standardize site-level P&L dashboards, and deploy a centralized procurement program.
Rationale: Early pipeline control and cost discipline improve unit payback periods and de-risk expansion cadence.
Role affected:Managing Partner (L Catterton)
Urgency level:immediate
Short-term Actions (6-12 months)
Create a structured experiential hub by coordinating Dishoom collaborations with Belmond, Cheval Blanc, and select maisons in 2 pilot cities within 6 months.
Rationale: Cross-traffic from dining to retail increases client acquisition and dwell time, reinforcing LVMH's ecosystem advantage.
Role affected:CEO (LVMH)
Urgency level:short-term
Launch a lightweight membership program tied to digital waitlists with tiered benefits and limited-edition collaborations with LVMH maisons.
Rationale: Increases frequency and average check by 3-5% while generating first-party data for targeted expansion.
Role affected:CMO (Dishoom)
Urgency level:short-term
Strategic Actions
Model a 24-month capex plan targeting sub-24 month payback per unit and >15% site-level EBITDA margins; secure a revolving facility to fund 2-3 openings per annum.
Rationale: Disciplined capital allocation enables scalable growth and positions for a strategic exit or recap.
Role affected:CFO (Dishoom/L Catterton)
Urgency level:strategic
Risks & Opportunities
Primary Risks
- UK consumer softness and input cost inflation compressing margins
- Execution risk in new markets (permits, staffing, cultural fit) delaying openings
- Brand dilution from over-expansion or misaligned collaborations
Primary Opportunities
- Platform synergies across L Catterton portfolio and LVMH hospitality assets to enhance procurement and marketing ROI
- International expansion to US or GCC with higher average checks and tourist exposure
- Data-driven loyalty and CRM to lift visit frequency and optimize menu mix