Louis Stitch raises Rs 5 crore from PVR founder family office, plans offline expansion
Men’s premium apparel and footwear brand Louis Stitch has raised Rs 5 crore from cinema multiplex chain PVR Limited’s logistics arm ATC Logistics. The family office of PVR Limited’s founder and managing director Ajay Bijli has picked up a minority stake in Louis Stitch.
“We have raised funds to support growth and expand to offline stores with a network of exclusive brand outlets in key metros,” said Louis Stitch’s founder and chief executive Amol Goel, ET Retail reported. The brand will also use the funds to expand its product lines to include more formal wear and will also expand its distribution network.
Louis Stitch raised the funds at a pre-money valuation of Rs 100 crore, ET Bureau reported. ATC Logistics is run by Ajay Bijli’s brother Aamer Bijli and this is the first time the company has invested in a luxury menswear business.
Louis Stitch currently retails from its dedicated e-commerce store and on a number of online platforms including Myntra, Nykaa, and Amazon India among others. India’s brick-and-mortar retail landscape is currently showing promising signs following the challenges of the pandemic and is expected to grow significantly in the coming years. This is encouraging numerous direct-to-customer brands to embrace offline retail.
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