by Apparel Resources News-Desk
18-July-2019 | 1 min read
Indian fashion house Ritu Kumar is in talks with investors to raise up to US $ 20 million (Rs.137 crore) to expand the retail presence of its casual contemporary womenswear brand ‘Label’.
The ‘Label’ brand offers contemporary apparels such as tunics, dresses, lowers and ethnic jackets for women.
Ritu Kumar had earlier raised Rs. 100 crore in 2014 from private equity firm Everstone.
The fashion house intends to enter new segments such as home furnishings and accessories by later this year. The brand is also planning to set 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,” said Amrish Kumar, Managing Director at the Ritu Kumar fashion house.
The company was looking to raise anywhere between US $ 12 million and US $ 20 million, Kumar added.
Ritu Kumar has been running her eponymous label for over 40 years and specialises in bridal and traditionalwear. It currently has 90 stores across its brands as well as an e-commerce store.
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