Franklin Templeton to invest in Mumbai’s Kimaya Fashions

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, was established in 2002. It operates 16 stores in India and one in Dubai, selling designer clothing and accessories under the Kimaya brand.

The company says its revenue is growing at an annual rate of 30-40%, with turnover close to INR800 million in 2010.

Kimaya wants to open a further 50 stores in India and expand into London, Paris, Singapore, Qatar and Canada over the next three years. It also plans to launch an affordable designer brand targeting smaller cities in India.

Franklin Templeton will invest in the company through its Indian arm, Franklin Templeton Private Equity Strategy. In May, the fund invested INR675 million in SFO Technologies, a leading Indian electronics manufacturer. It was advised on the deal by the Asia affiliate of Darby Overseas Investments, the private equity arm of Franklin Templeton Investments.

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• Topics
• South Asia
• Consumer
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• Franklin Templeton