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

The investment, the largest of its type in private aviation history, doesn't make Flexjet part of the LVMH family. But it does give the fractional provider a special relationship with 24 luxury brands.

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.