Future Ventures in talks to sell Indian apparel stake to GA – report
Future Ventures India is reportedly in talks with General Atlantic to sell its minority stake in apparel maker AND Designs India for around INR1.5 billion ($23 million)
According to The Economic Times, Future Ventures will sell it 22.86% interest to GA after the firm offered a valuation of 14-15x EBITDA.
AND Designs is a mid-range apparel chain with over 250 retails points across India. It posted revenue of INR2.75 billion for the financial year ended March 2013, with an operating profit margin of 15%.
Future Ventures is part of the Future Group conglomerate, which has been trying to restructure after an expansion phase. Its debt was around INR70 billion at the end of December 2012.
It is said to be also looking for a buyer for its 28.3% stake in women's apparel brand Biba, which had revenue of around INR3 billion for the fiscal year 2012-2103 and an operating profit margin of around 17%.
The Indian apparel market was worth INR2 trillion in 2012, of which womenswear is INR785 billion, according to Technopak Advisors.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.