TPG is weighing strategic options for APM Monaco, including a potential stake sale or initial public offering, as the US private equity firm targets a valuation of at least $2bn for the global jewellery brand, according to a Bloomberg report. 

Sources said TPG is working with an adviser and may launch a dual-track process early next year. The deliberations are still preliminary, and TPG could decide to retain the asset for longer. The firm declined to comment.

TPG, alongside Trail and China Synergy, acquired a 30% stake in APM Monaco in 2019. The investor group filed for a Hong Kong listing in 2021, but the IPO did not materialise. The consortium later explored potential interest in its stake in 2022, though TPG said at the time that a sale was not planned.

APM Monaco has expanded rapidly and now operates about 500 stores worldwide, according to its website. TPG invested in the business through its Asia-focused private equity platform. The firm managed $286bn of assets as of the end of September.

A sale or IPO would mark one of the largest potential exits in Asia’s luxury retail sector, where private equity ownership has grown as sponsors pursue international expansion strategies for consumer brands.

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