ADRIAN CHENG LAUNCHES FUND TARGETING CHINA'S MILLENNIAL, GEN Z CONSUMERS
Adrian Cheng, executive vice chairman of Hong Kong’s New World Development Group and cultural entrepreneur, has started a new investment fund, C Ventures, that targets millennial and Gen Z-focused brands and services in China.It’s a big market: Chinese millennials and Gen Zs make up more than one third of China's population (427 million Chinese millennials and an additional 235 million from Gen-Z) equal to the workforce in the U.S. and Western Europe combined.
“C Ventures isn’t simply an investment fund or a venture capital,” Cheng said in a statement. “What I’m building is a cultural ecosystem that connects coteries from fashion, media and creative platforms globally, and allowing them to collide, cross-pollinate and grow.” The fund has no set investment limit or cap on the amount of capital raised, according to the statement.
C Ventures is starting out in part with a group of fashion-focused investments. The fund’s interest in the future growth of the rental model worldwide is reinforced by investment in Flont, a luxury jewelry rental service and unlimited membership program, which offers high-end jewelry from a roster of over 50 brands including Bulgari, Cartier and Tiffany & Co.
Click here for more details about C Ventures.
The Cheng family ranked No. 3 on the 2017 Forbes Hong Kong Rich List published earlier this year with an estimated fortune of $17.9 billion.