The deal highlights the luxury industry's rapid expansion into the experience economy as wealthy consumers increase spending on travel, dining and events.

Private jet flight provider Flexjet said on Monday it had raised $800 million in a funding round led by L Catterton, a private equity firm backed by LVMH , valuing the company at $4 billion just a couple of years after a botched deal with Todd Boehly’s SPAC.

L Catterton, the world's largest consumer-brand private equity firm, is aligned with LVMH, so Flexjet will have a special relationship with brands.