Zivame in talks with Gaja Capital, L Catterton over stake sale
Women’s lingerie brand Zivame is holding separate discussions with global fund L Catterton and private equity fund Gaja Capital about a proposed secondary transaction on a 40% stake in the brand.
Zivame plans to transfer ownership of a 40% stake in the business currently held by investors Unilazer Ventures and Malaysian sovereign fund Khazanah Nasional Bhd, ET Bureau reported. The deal, if it goes ahead, will value the brand at $100 million (Rs 665.3 crore), according to ET Bureau’s anonymous sources.
Zivame is in “advanced” stage talks with Gaja Capital, according to the sources. Gaja Capital was founded in 2004 and has assets totalling around $500 million spread across three funds. L Catterton, which Zivame is also reportedly in talks with, already invests in US-based lingerie brand ThirdLove.
Richa Kar launched Zivame in 2011 and the brand is run by Actoserba Active Wholesale. Zivame has a number of its own private label lingerie brands, which make up the large majority of its revenue, including Coucou and Penny. The brand saw sales of Rs 140 crore in the 2019 financial year and foresees sales of Rs 230 crore for the 2020 financial year which will conclude at the end of the month.
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