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News - T2210 - 15102019 - Plain elastic

Everstone invests Rs 100cr in fashion house Ritu Kumar

Everstone, a leading India and South East Asia private equity and real estate investor, has signed an agreement to invest INR 100 crore for an undisclosed minority stake, in one of India’s leading fashion houses, Ritu Kumar. For over four decades, the Ritu Kumar brand has symbolized 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 done path breaking work in reviving Indian textiles. -  Plain elastic

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Everstone, a leading India and South East Asia private equity and real estate investor, has signed an agreement to invest INR 100 crore for an undisclosed minority stake, in one of India’s leading fashion houses, Ritu Kumar. For over four decades, the Ritu Kumar brand has symbolized 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 done path breaking work in reviving Indian textiles. Sameer Sain, Co-founder and Managing Partner of the Everstone Group, said, “We are delighted to partner with the iconic Ritu Kumar, whose brand 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 deep understanding and expertise within this space, Ritu Kumar will be poised for continued success and growth.”

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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. I believe that the association would greatly enhance the reach of the "Ritu Kumar" classical collection, known for its traditional quality. “Also, 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, Director and CEO, Ritu Kumar, said, "This is an important chapter in the Ritu Kumar story which has, over the years, developed into one of India's most respected and identifiable brands. We take great pride in our contribution to India's creative companies."

"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. We believe that the time is right both internally and in the macro environment for the infusion of growth capital. "Our requirements from a private equity partner were fairly stringent and in Everstone we believe that we have found excellent partners to grow with. Their expertise in the segment along with the quality of their people gives us great confidence and we are excited about the future." “Shiva Dayal and his team at Langham Capital were the financial advisors to the transaction and instrumental in ensuring the success of the transaction.”

Welcome to TandtVietnam!! We provide many product such as:Elastic band , Elastic tape, Plain elastic, ....

Source: Fibre2fashion.com

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