Gini & Jony, a leading kidswear brand in India, plans to raise Rs 100-125 crore through an IPO, which is expected to be issued by March-end or mid-April this year.
Confirming the news to Indiaretailing, Ajay Agarwal, executive director, Gini & Jony, said, “Though the final dates have not been decided, we’ll open latest by end of March or in the mid of April this year. We have major expansion plans and want to raise close to Rs 125 crore to fund the exercise.”
Asked about the retail expansion plans for its branded stores like Freedom Fashion and Palm Tree, Agarwal said, “The country will see more than 100 Freedom Fashion stores in next 2-3 years, while Palm Tree stores are expected to reach a total of 300 by 2009 and 1,000 by 2011.”
Freedom Fashion is a chain of lifestyle stores and sells premium apparel, whereas Palm Tree retails mass or budget brands.
Promoted by Lakhani brothers, Gini & Jony is also the India licensee of kidswear from fashion majors like Reebok, Levi’s and United Colors of Benetton. The Lakhanis hold 65 per cent stake in the company, while another 22 per cent was bought by Reliance Capital in 2005.
– Ranjan Kaplish