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Everstone, a private equity and real estate investor, has signed an agreement to invest Rs 100 crore for an undisclosed minority stake, in one of the country's leading fashion houses, Ritu Kumar.
For over four decades, the Ritu Kumar brand has symbolised premium Indian fashion. The brand has been showcasing India’s heritage, deeply rooted within the Indian craftsmanship and has attracted global admiration. Known for its innovative association with the craft sectors of India, the company has also worked for reviving Indian textiles.
Sameer Sain, Co-founder and Managing Partner of the Everstone Group said, ``Ritu Kumar has put India’s rich craftsmanship and heritage on the global map. Combining Ritu Kumar’s great brand heritage, its strong management team and Everstone's deep understanding and expertise within this space, is set to propel Ritu Kumar towards new heights.''
As Ritu Kumar, Founder and Director, Ritu Kumar said in a statement, ``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. Equally relevant would be its role in increasing visibility of the `Ritu Kumar Label line', with its organically created innovative collections, bridging the gap between an Indian and international consumer base, of an increasingly younger world.''
Amrish Kumar, CEO, Ritu Kumar said, ``Ritu Kumar has, over the years, developed into one of India's most respected and identifiable brands. In the last seven years we have been developing structures within the company including sub-brands and product lines to create scale in the premium and luxury segments and he added that the time is right, both internally and in the macro environment, for the infusion of growth capital.''
Incidentally, some of Everstone's recent investments include Burger King India, IndoStar Capital, S Chand and Hinduja Leyland Finance.
Established in 1969, Ritu Kumar caters to a wide range of women’s clothing including bridal, formal and western wear. For over four decades, the Ritu Kumar brand has symbolised premium Indian couture, as well as traditional hand crafted textiles and embroidery.
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