Kimaya Fashions Private Limited announced that it has received investment commitment of Rs 60 crores from Franklin Templeton Private Equity Strategy, a rupee denominated private equity portfolio managed by Franklin Templeton Asset Management (India) Private Limited, and advised by Darby Asia Investors (India) Private Limited. The transaction details were not disclosed.
Promoted by Pradeep Hirani and Neha Hirani, Kimaya is India's largest luxury fashion house and operates high-end designer stores, primarily focusing on Indian ethnic womenswear. It currently manages more than 35,000sq.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.
Targeting affluent, fashion conscious women, Kimaya offers apparel from a wide selection of designers under one roof- all within a luxurious ambience. In an unprecedented result, Kimaya was the first fashion house to recognize the untapped potential of Indian designers and make their availability scale-able through multiple store presence in a very short span.
Mrs. Neha Hirani, Managing Director, Kimaya Fashions Private Limited commented, "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. Our focus next will be on achieving pan India penetration and presence where the demand for Indian designers is twofold the supply."
With a strong management and operations team that comprise domain experts from various demographics, the company is all set to deploy the funds raised in the current round for expanding Kimaya's presence and establishing a new brand in the affordable luxury space, popularly known as the prêt segment, targeting the burgeoning upper middle class in India.
Mr. Pradeep Hirani, Chairman, Kimaya Fashions Private Limited, commented on the deal, saying "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."
The new prêt label will be committed towards making Indian designer wear accessible to a much wider consumer base across the country. Kimaya also has concrete plans to increase its footprint in the international market by opening company-owned and franchise stores in the leading fashion destinations of the world.
In compliance with the increasing use of technology and the internet by fashion conscious digital consumers Kimaya is launching an e-commerce site that will overnight amplify its presence worldwide. The site will use state of the art, secure techniques and a user friendly interface that will revolutionize the buying patterns of fashion aficionados across the globe. For more information, visit www.kimaya.in
Ms. Deepa Sankaran, Managing Director at Darby India, said, "Kimaya has created an excellent platform in fashion retail and has become synonymous with luxury in the Indian ethnic wear space. Our investment recommendation was based on the high growth potential of the sector and confidence in the management's expertise in sustaining its leadership position. "
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