Indian ethnic fashion retailer seeks private equity investment
Wolfensohn Capital Partners is going to sell its 8% stake in ethnic fashion retailer Fabindia. The exit comes as Fabindia looks to raise around INR2 billion from new investors.
According to The Economic Times, a number of private equity firms, including Bain Capital, Temasek Holdings, The Carlyle Group, Everstone Capital, New Silk Route Advisors, Sequoia Capital, KKR and PremjiInvest, have shown an interest in the company. Wolfensohn Capital Partners and Fabindia are expected to come up with a shortlist of 4-5 potential buyers for further discussions.
Fabindia has been selling a handcrafted jewelry and handwoven traditional and modern clothing for 50 years. Employees own about 26% of the company. New funding is deemed necessary to support plans for around 300 small-format stores in tier-three cities such as Karnal, Vellore, Rishikesh and Rudrapur.
Wolfensohn Capital Partners, which is owned by former World Bank President James Wolfensohn, acquired its holding for nearly INR500 million ($10.8 million) in 2007.
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