Business Daily from THE HINDU group of publications
Friday, Jul 21, 2006
Business Daily from THE HINDU group of publications Friday, Jul 21, 2006 |
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Marketing
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Venture Capital Design label Huit gets $5 m investment Our Bureau
New Delhi , July 20 American businessman Mr Mike LaCasella today announced that he would invest $5 million in Huit Angles, an Indian design label. Huit Angles was founded in February 2006 by Mr Sunny Mishra, Creative Director, and Mr Kapil Modi, President. The initial $5 million investment will be made in Huit Angles Inc, US, 80 per cent of which will be owned by Mr Mishra and Mr Modi, and 20 per cent (with an option to increase up to 50 per cent) will be owned by Mr LaCasella. The investment will be used exclusively for the sale and international marketing of the brand. The cost of production of the collection will be borne by Huit Angles, India, which is solely owned by Mr Mishra and Mr Modi. An additional investment of $20 million has been earmarked for establishing Huit Angles boutiques in the major fashion capitals from 2009 onwards. Mr LaCasella made his fortune through real estate investments and his corporate experience spans senior management positions with leading US corporations, such as FileNet, the largest global ECM solution provider, and Earthlink. According to a release, the first international collection will be showcased to a select clientele in Milan, Paris and New York in the third quarter 2007. The Indian collection will be launched in Delhi in late July 2006.
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