Everstone Capital Partners, an India and Southeast Asia-focused firm, has agreed to invest INR 100 crore (€12.1 million $16.7 million) for an undisclosed minority stake in Indian fashion brand Ritu Kumar, according to a statement.
Ritu Kumar is a premium Indian fashion brand known for its innovative association with the craft sectors of India, according to the statement.
“Combining Ritu Kumar’s great brand heritage, its strong management team and Everstone's deep understanding and expertise within this space, Ritu Kumar will be poised for continued success and growth,” said Sameer Sain, Everstone's co-founder and managing partner, in the statement.
Amrish Kumar, director and CEO of Ritu Kumar, added: “The last 7 years we have been developing structures within the company including sub-brands and product lines to create scale in the premium and luxury segments. We believe that the time is right both internally and in the macro environment for the infusion of growth capital.”
In November, Everstone secured a joint venture with Burger King Worldwide, the US fast-food hamburger chain, to establish and develop the Burger King presence in India, Private Equity International reported earlier.
The firm also added an operating partner last year. Carl Harris, a managing director based in Singapore, previously worked at Boston Consulting Group and McKinsey & Co.
Headquartered in Singapore, Everstone Group has around 140 people working across five offices in Singapore, Mumbai, Delhi, Bangalore and Mauritius.
The firm is planning to raise a new fund sometime this year.