Pepe Jeans scouts for buyers for Indian unit
Looking to monetise part of their holding, Pepe Jeans is currently entertaining the possibility of a buyer for a 100 percent stake in its India unit, the Economic Times has reported.
The Barcelona based casual wear brand is pursuing the idea of securing 2,000 crore rupees (approximately 300.6 million US dollars) for a 100 percent stake in its Indian operations. The brand has reported operating profits of 100 crore rupees (approximately 15 million US dollars) and revenue of 500 crore rupees (approximately 75 million dollars) in India and has stated that business is going very well.
“The Indian business is an integral part of the global growth strategy for the Pepe Jeans brand, and the group has in fact acquired a 100 percent stake in the local business over time,” Managing Director of Pepe Jeans India, Kavindra Mishra, told the Economic Times. "We are in the preliminary stages of evaluating some options to raise capital to pursue our growth plans.”
Pepe Jeans currently has a joint venture in India with Aditya Birla Group for retailing their premium clothing brand Hackett, which is owned by Pepe Jeans Group internationally.
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