TPG Growth, the fund that has backed companies including Uber Technologies Inc., and the family office of the promoters of Havells Group on Thursday said that they have purchased a minority stake in Campus Activewear, a casual sports and footwear brand.
Incorporated in 2006, Campus Activewear sells sports and casual footwear, including its flagship brand Campus through a pan-India network of more than 15,000 multi-brand retail stores, company-owned exclusive outlets and e-commerce websites.
As part of the transaction, Puneet Bhatia, partner and country head of India for TPG, and Anil Rai Gupta from Havells Group will join the company’s board, TPG said in a statement. Financial details of the transaction were not disclosed.
“An integrated business model with in-house design, prototyping, manufacturing, and distribution capabilities has helped us continuously innovate and cater to the taste of diverse Indian demographics," said H.K. Agarwal, chairman and managing director of Campus Activewear.
A partnership with TPG Growth and Havells Group’s family office QRG Enterprises Ltd will help Campus reach more customers through enhanced distribution, diversified channels and product expansion, he added.
Campus launches more than 200 new designs each year and currently offers more than 800 product designs across the casual, sport, school, and sandal shoe categories, according to the statement.
The country is seeing strong demand for affordable, high-quality footwear across all age groups of a growing population.
“Driven by an increased attention to health and wellness and growing preferences for casual, multi-use shoes, India’s sports and footwear market is growing quickly," said Bhatia of TPG.
Campus is well-positioned to lead this market, he said, adding that the company has created a trusted brand with significant growth potential.
TPG Growth, the middle-market and growth equity investment platform of TPG, has more than $8.3 billion of assets under management. The firm targets investments in a broad range of industries and geographies.
Consumer and retail has been one of the strong focus areas for TPG Growth globally.
Investments in these sectors include the likes of India-based eyewear firm Lenskart, Ducati, a European designer, manufacturer, and distributor of sport motorcycles and Li-Ning, a Beijing-based sportswear brand.
The firm has been investing in India for nearly 15 years and has partnered with companies across a wide range of industries, including Janalakshmi, Healthium Medtech, Manipal Health and Vishal Megamart.