Apparel major Koutons Retail has acquired a 51 per cent stake in Delhi-based womenwear brand Upper Class.
Upper Class earlier was a wholly-owned property of Rajesh Sachdeva and Amita Sachdeva, who now hold rest 49 per cent stake in the brand.
Confirming the news to Indiaretailing, HS Sidhu, executive vice president, Koutons Retail India said, “This is our strategy to help better positioning of Upper Class, and expand brand portfolio of Koutons Retail.”
Speaking about the post-deal strategic developments, Ajay Mahajan, chief financial officer, Koutons Retail, told Indiaretailing: “We are planning to open 200-300 exclusive brand outlets of Upper Class in the Northern region.” As of now, Upper Class is only available in multi-brand outlets including Globus, Piramyd, Shoppers’ Stop and Pantaloons.
“Upper Class is a strong brand in the womenwear segment, and enjoys its own loyal customer as it has been well positioned in the market from 20 years. Now onwards, the decisions regarding design and production of the brand will be handled by the Sachdevas, whereas Koutons will take care of the financial, brand marketing and retailing part,” added Mahajan.
– Satrajit Sen