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Ritu Kumar label gets Rs. 100-cr Everstone funding

The Hindu BusinessLine:  April, 2014

New Delhi: Private Equity firm Everstone said it will invest Rs. 100 crore for an undisclosed minority stake in the fashion label of designer Ritu Kumar. Ritu Kumar, a known face in India’s fashion fraternity, runs the eponymous premium fashion label.

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-Director, said equally relevant would be its role in increasing visibility of the ‘Ritu Kumar Label line’. “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. 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.

The designer wear segment has seen much activity due to the opportunities it presents. Moet Hennessy Louis Vuitton or LVMH’s private equity arm, L Capital, owns 40 per cent of premium retailer Genesis Luxury.