Ritu Kumar looks to raise $20 million to scale up its Label brand
Indian fashion house Ritu Kumar is in talks with investors to raise up to $20 million (Rs 137 crore) to strengthen the retail presence of its casual contemporary women’s wear brand ‘Label’. Ritu Kumar had earlier raised Rs 100 crore in 2014 from private equity firm Everstone.
The fashion house is looking to foray into new segments such as home furnishings and accessories later this year. Currently, the Label brand offers contemporary apparel such as tunics, dresses, lowers and ethnic jackets for women.
The brand is also planning to scale up Label stores across the country. Currently, it has 30 Label stores in India.
“We are in the market this year looking for another injection, a larger injection than last time. Also, Everstone is coming to the end of their cycle, so they will be looking for an exit sometime soon," Amrish Kumar, managing director at the fashion house Ritu Kumar told the Mint.
“The company was looking to raise anywhere between $12 million and $20 million,” Kumar added.
Ritu Kumar has been running her eponymous label for over 40 years and specialises in bridal and traditional wear. It currently has 90 stores across its brands as well as an e-commerce store.
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