Franklin Templeton to invest in Mumbai’s Kimaya Fashions
Franklin Templeton will buy a 20% stake Mumbai-based retailer Kimaya Fashions for about INR600 million ($13.5 million), The Economic Times reported, citing people familiar with the situation. The company has confirmed the investment but not the size of the stake divested.
Pradeep Hirani, chairman of Kimaya, said the funds would be used to launch new brands, support existing brands and expand the company's store network. Kimaya, which is wholly owned by Hirani and his wife,...
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