Indian fashion house Ritu Kumar, which owns three designer labels, is looking to raise up to $20 million, as it seeks to scale up its casual contemporary women’s wear brand Label.
It also intends to expand the Ritu Kumar brand to new segments such as home furnishings and accessories, said a top executive at the fashion label that was started in the late 1960s.
“We are in the market this year looking for another injection, a larger injection than last time. Also, Everstone is coming to the end of their cycle, so they will be looking for an exit sometime soon," said Amrish Kumar, managing director at the fashion house Ritu Kumar.
Private equity firm Everstone had invested ₹100 crore in the company in 2014.
Amrish, son of designer Ritu Kumar, said the company was looking to raise anywhere between $12 million and $20 million.
Currently, the retailer has close to 90 stores across its brands—the flagship Ritu Kumar—that sells daily and semi-formal ethnic wear; Ri—premium bridal and formal wear; and Label—a more casual contemporary women’s wear brand.
Of these, 30 are Label stores while the others are a mix of stand-alone Ritu Kumar and Ri, and some a combination of the two brands.
With fresh investments coming in, Kumar expects to grow the Label brand, which offers contemporary apparel such as tunics, dresses, lowers and ethnic jackets for women.