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Private equity firm Everstone said that it will invest Rs 100 crore for an undisclosed minority stake in designer fashion label Ritu Kumar.
The Ritu Kumar brand has symbolised premium Indian fashion.
Sameer Sain, Co-founder and Managing Partner of the Everstone Group, said, “Combining Ritu Kumar’s brand heritage, its strong management team and Everstone's deep understanding and expertise within this space, Ritu Kumar will be poised for continued success and growth.”
Ritu Kumar, Founder and Director, Ritu Kumar, said, “The modern professional approach of any enterprise is to collaborate with companies such as Everstone, who bring to the table, expertise and financial commitment to help in the growth of the brand.”
Kumar said equally relevant would be its role in increasing visibility of the 'Ritu Kumar Label line'.
"In the last 7 years, we have been developing structures within the company, including sub-brands and product lines, to create scale in the premium and luxury segments. Our requirements from a private equity partner were fairly stringent and in Everstone we believe that we have found excellent partners to grow with,” Amrish Kumar, Director and CEO, Ritu Kumar, said.
Langham Capital were the financial advisors for the transaction.
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