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Premji Invest secures 7% stake in Fabindia

Mar '12
Premji Invest, owned by Wipro's Chairman Azim Premji, has obtained a seven percent stake in Fabindia, India's largest private platform for products that are made from traditional techniques, skills and hand-based processes that include handicrafts and handwoven textiles.

The investment fund has acquired the stake for Rs. 1-1.25 billion, thus valuing the ethnic-wear company at more than Rs. 15 billion.

Fabindia proposes to launch 40 new stores in India, fortify its backend infrastructure and expand in foreign markets, particularly in the UK, where it already possesses a lifestyle outlets chain 'East'.

Fabindia, which began as a firm exporting home furnishings, was instituted by a young American, John Bissell, in 1960 to market India's varied craft traditions.

The in 1975, the firm established its first retail outlet in New Delhi's Greater Kailash, offering an entire range of durries, home linens and upholstery fabrics.

Till mid-to-late 1990s, retail remained an insignificant segment of the company's business, but when William Bissell inherited the firm from his father John Bissell, he developed it into a national retail brand.

Presently, Fabindia, which is popular for its handicrafts, kurtas and household furnishings, runs around 150 outlets in several cities and small towns like Trichi, Karnal and Raipur. Around 66,000 products from across 212 districts of India are sold at Fabindia outlets.

Fibre2fashion News Desk - India

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