Kimaya Fashions, India’s luxury fashion house, has received an investment commitment of Rs. 60 crores from Franklin Templeton Private Equity Strategy (FTPES), a rupee denominated private equity portfolio managed by Franklin Templeton Asset Management- India (FT India), and advised by Darby Asia Investors (Darby India). The company will deploy the funds raised for expansion in tier-II and international cities. Kimaya will also introduce a new label in India by the name "prêt" targeting the upper middle class.
Commenting on the deal, Pradeep Hirani, chairman, Kimaya Fashions, said: “There is an increasing feeling of belief that India is a strong contender to be the next fashion capital of the world. The onus to materialize this lies in our hands and such investments ascertain and reiterate the fact that we are not the only ones harboring such beliefs. By leveraging on the formidable platform that Kimaya has, the current development will provide immense boost and impetus to the Indian designer wear industry.”
Neha Hirani, the managing director of the fashion house said that Kimaya’s commitment to provide the best of Indian designers to its discerning clients will now enter another level. The real India is not only in the Metros but also in tier two towns like Ludhiana, Chandigarh, Pune, Lucknow, Nagpur, Kochi, Jaipur and the likes. Kimaya will now focus on achieving pan India penetration and presence where the demand for Indian designers is twofold the supply.
FT India president, Harshendu Bindal, added that the strong economic growth over the last decade and the rise in disposable incomes, has led to increased demand for luxury goods amongst affluent Indians. Despite the growth, penetration of luxury goods remains low and Kimaya with an established presence in the Indian designer wear space is well positioned to benefit from the growing demand for these products.
Promoted by Pradeep Hirani and Neha Hirani, the luxury fashion house operates high-end designer stores, primarily focusing on Indian ethnic womenswear. It currently manages more than 35,000 sq.ft. of premium retail space across India and Dubai. Having consolidated its position in major metros of the country, Kimaya is now set to expand its footprint to tier two cities.
– IndiaRetailing Bureau