L1 Retail is a differentiated investor with a longer-term investment horizon than many other financial investors. We seek to deploy capital into platforms that can be positioned for strong sustainable growth over 10 years and beyond. As a result, we favour investments which are exposed to long-term secular trends that have proven organic growth and/or which can be platforms for industry consolidation.

Over the course of the past 12 months, L1 Retail has established its market positioning, expanded its team to support its portfolio companies and invested in sustainable growth initiatives.

L1 Retail owns Holland & Barrett, which provides attractive exposure to the growing health and wellness market. It also owns 74.8% of Distribuidora Internacional de Alimentación S.A. (“DIA”), the Spanish food retailer.

L1 Retail owns Holland & Barrett, which provides attractive exposure to the growing health and wellness market. It also owns 74.8% of Distribuidora Internacional de Alimentación S.A. (“DIA”), the Spanish food retailer.

Investment approach

Established in December 2016, L1 Retail’s strategy is to identify and invest in companies that are well-positioned platforms for long-term growth and sustainable competitive differentiation. L1 Retail seeks investments where we can play an active role and leverage L1 Retail team’s prior investment experience, industry expertise and an extensive global retail network to successfully implement this approach.

We work in close partnership with management teams and place a strong emphasis on recruiting, developing and retaining top-tier talent. A key focus for any investment is to best position the business for it to react and take advantage of sector disruption driven by technology and digital innovation.

As a long-term investor, we are attracted to business models that are exposed to structural sector themes. We look to partner with sector leaders that operate in broad addressable markets and have strong customer value proposition. We believe customer focus and convenience provide long-term growth opportunities. As a result, we are attracted to the convergence of physical and digital retail, along with the conjunction of products and services.

We seek to invest up to $1bn of equity per platform. Our capital has a global mandate and can be invested in minority or control investments.

Stephan DuCharme

We believe customer focus and convenience provide longterm growth opportunities. As a result, we are attracted to the convergence of physical and digital retail, as well as the convergence of products and services

Stephan DuCharmeManaging Partner

As a long-term investor, we are attracted to business models that are exposed to structural sector themes. We look to partner with sector leaders that operate in broad addressable markets and have strong customer value propositions. We believe customer focus and convenience provide long-term growth opportunities. As a result, we are attracted to the convergence of physical and digital retail, as well as the convergence of products and services.

LetterOne Investment Criteria Diagram

Our Team

Our Investment Team comprises retail and investment professionals with extensive experience in leading, advising and financing leading retail organisations. The team works closely with our Advisory Board, which comprises experienced CEOs and entrepreneurs with proven records in retail. The Investment Team and Advisory Board work together to set strategy, develop and execute investments and support our management teams.

Stephan DuCharme

Stephan DuCharme

L1 Retail, Managing Partner

Michael Casey

Michael Casey

L1 Retail Senior Partner

Sergio Dias

Sergio Dias

L1 Retail Partner

Aayush Deora

Aayush Deora

Investment Team

Vaibhav Juneja

Vaibhav Juneja

Investment Team

Ignacio Ansorena

Ignacio Ansorena

Investment Team