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To come out with public issue by March

TARGETING RETAILERS: Mr H.S. Sidhu (left), Executive Vice-President, Koutons Retail India, with Mr D.P.S. Kohli, Chairman, and Mr Ajay Mittal, Nominee Director, UTI Venture Funds, at a press conference held in Mumbai on Wednesday. - Paul Noronha

Mumbai , Nov. 29

Koutons Retail India has raised private equity of Rs 112.6 crore with UTI Ventures and US-based Argonaut being the main contributors.

UTI Ventures contributed Rs 54.6 crore while Argonaut made an investment of Rs 46 crore; Rs 12 crore was generated by other investors.

Promoters' equity in Koutons now stands reduced by 17.86 per cent at 82.14 per cent.

The company plans to raise an additional Rs 140 crore from the capital market next year.

"We should be ready with our initial public offering by March or April next year," said Mr D.P.S. Kohli, Chairman, Koutons Retail India.

The company currently has 500 exclusive brand outlets and expects to cross the 1,000-store mark in 2007-08.

"We expect to end this financial year with a turnover of Rs 425 crore. For the financial year 2007-2008, our aim is to achieve a turnover of Rs 1,000 crore," said Mr Ajay Mahajan, Finance Controller, Koutons Retail India.

In the future, the company plans to launch a women's wear brand as well and shoes and accessories.

Recently, Charlie Outlaw, a men's wear brand was launched and there are currently 100 exclusive brand outlets for this brand all over the country.

"The aim is to close this financial year with 450 Koutons' stores and 200 Charlie Outlaw stores," said Mr Kohli.

As part of its expansion plans, the company has set aside Rs 27 crore this year for advertising and plans to take it up to Rs 50 crore next year.

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