Future Ventures-promoted Biba Apparels Pvt Ltd, a retailer of ethnic women’s wear, has entered a joint venture with fashion designer Manish Arora to promote his premium ethnic wear brand ‘INDIAN by Manish Arora’. Biba has acquired a majority stake of 51 per cent in the new JV, thus foraying into the bridal and luxury ethnic wear category.
Under the new venture, the company is planning to open four exclusive brand outlets in the next six months and aims to generate sales of Rs 30-40 crore over the next two years. The first outlet is planned at Emporia Mall, Delhi, while the other three outlets are likely to be set up in Mumbai, Bangalore and Kolkata.
Commenting on the initiative, Siddharth Bindra, managing director of Biba Apparels, said, “We have been contemplating to enter the bridal and luxury wear segment for a while now, and with Manish, not only we have the best possible partner but also feel that it is the right time for us to enter this segment.”
According to Bindra, Manish Arora’s design sensibilities and Biba’s strong retail presence, supply linkages and established network will help the brand scale up its operations while allowing Biba to foray into the bridal and luxury ethnic wear segment.
The company has also chalked out an aggressive retail strategy to have a pan-India presence. It will open exclusive retail stores, be present at prominent Biba stores and also be available at major multi-brand outlets across the country.
Biba has recently launched its 100th store (in Udaipur) and expects to double its retail presence within the next two years.
Manish Arora said, “Biba being the largest retailer of women’s ethnic wear, it is a perfect partner for us to grow the ‘Indian by Manish Arora brand’.”
The deal was advised by Maple Capital Advisors, a New Delhi-based boutique investment bank with focus on consumer and retail businesses.
“The joint venture is a win-win for both Manish Arora and Biba, and dovetails Manish’s design and branding excellence with Biba’s production and distribution strengths, thereby creating a platform that can scale in the premium wear segment,” said Pankaj Karna, managing director of Maple Capital.
(Edited by Sanghamitra Mandal)
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