Companies

Indian Terrain raises ₹75 cr

R RAVIKUMAR VINAY KAMATH Chennai | Updated on January 24, 2018

Indian Terrain showroom at Phoenix Market City, Chennai. - Bijoy Ghosh

To increase retail presence; plans denim line, boyswear brand





Armed with ₹75 crore raised through a QIP (qualified institutional placement) recently, premium menswear brand Indian Terrain Fashions Ltd plans to expand its retail horizon and launch new product lines, besides beefing up its supply chain infrastructure, marketing activities and IT infrastructure.

Indian Terrain, hived off from its parent Celebrity Fashions in 2010, last month issued 14.12 lakh shares at ₹531 each aggregating ₹75 crore to few domestic and international funds such as SBI Mutual Fund, DSP BlackRock Mutual, Amundi Funds and Malabar India Capital Fund. The company’s existing shareholders have diluted 19 per cent stake for the purpose. Following the dilution, the promoters’ holding has come down to 31 per cent.

Venky Rajgopal, Managing Director, Indian Terrain, said the funds will be used to expand the company’s retail presence across the country. “Our outlets in tier-III and tier-IV towns too report healthy sales,” he said. It plans to add 80 stores over the next two years, half of which will be company-owned, according to Charath Narasimhan, CEO, Indian Terrain.

Besides, it plans to launch a denim line and a boyswear brand. Thanks to the changing consumerism and ‘casualisation’ of the workenvironment, wearing denim to work even during weekdays is now common. For Indian Terrain, that commands an “enviable share” of the smart casual menswear apparels market, Rajgopal said.

On the proposed boyswear brand, he said market studies say boys in the age group of 6-14 do not want to be treated as kids and they want to imitate their fathers. So, to cater to this consumer segment, it plans to launch a sub-brand.

All this will propel Indian Terrain to the next level of growth. “We expect to at least double our present turnover of ₹235 crore in the next two-three years,” said a confident Rajgopal.

Published on February 03, 2015

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