An investment company linked to LVMH, L Capital, is planning to invest US$50 million in South Korean cosmetics company CLIO, according to a report published by Pulse News.

L Capital is set to buy redeemable convertible preference shares to the value of KRW57.3 billion, estimated at approximately 10 percent of the company’s value. Contracts are due to be signed by the end of the week.

CLIO is hoping to complete an IPO this year, with the money it receives from L Capital helping its bid to list on the Kosdaq exchange. CLIO’s sales have more than doubled in the space of a year, climbing from KRW50 billion in 2014 to KRW107 billion last year, pegging the company’s market value post-IPO at KRW1 trillion.