Fortune Fountain Capital

The firm's only major known transaction was the 2017 acquisition of an 88.8% stake in Baccarat, the 260-year-old French crystal manufacturer, from U.S. investment firms Starwood Capital and L Catterton. The deal, valued at roughly $195 million in equity plus assumed debt, was conducted through a Hong Kong-registered vehicle called Fortune Fountain Ltd. The transaction represented one of the few instances of a Chinese firm taking a controlling position in a publicly listed French luxury house.

Coco Chu was the firm's public face and managing partner during the Baccarat acquisition. She described herself as a luxury-industry professional, a longtime collector of Baccarat crystal, and the architect of the firm's strategy to bridge Chinese capital with European heritage brands. She was appointed to Baccarat's supervisory board in 2017 but removed from the board by a shareholder vote in 2021 after Fortune Fountain defaulted on its obligations.