Lady M seeks new funds at $600m value

Bloomberg

Lady M is weighing a new funding round that could value the New-York based bakery chain at about $600 million, according to people familiar with the matter.
The company, known for its signature Mille Crepes cakes, is looking to raise about $20 million to fuel its expansion in Asia, said the people, asking not to be identified discussing a confidential matter.
Lady M is working with advisers to gauge investor interest, the people said.
The fundraising could offer fresh capital for Lady M to make strategic acquisitions of other bakery brands as well as to open more stores in China, the people said.
Discussions are ongoing and details of the fundraising could change, the people said. A representative for Lady M didn’t immediately respond to requests for comment.
Founded in 2001, Lady M operates more than 50 stores globally, according to its website.
The New York brand opened its first mainland China store in Shanghai in 2017. It became an instant hit with customers queuing for hours. Lady M now runs 30 stores across Greater China.
Foreign coffee shops and bakery brands are making inroads to China to tap the country’s burgeoning middle class.