Indian fashion boutique Ritu Kumar looking to raise 20 million dollars

New York – India’s Ritu Kumar, a fashion house which owns three designer labels, announced earlier this week it’s looking to raise up to 20 million dollars.

The new funding will go to scale up its casual contemporary women’s wear brand Label. Additionally, the fashion company is looking into expanding its namesake brand to new segments such as home furnishings and accessories.

“We are in the market this year looking for another injection, a larger injection than last time. Also, Everstone is coming to the end of their cycle, so they will be looking for an exit sometime soon," said in a corporate release Amrish Kumar, managing director at the fashion house Ritu Kumar.

Amrish is the son of designer Ritu Kumar, further added that the company was looking to raise anywhere between 12 million and 20 million dollars.

Currently, the retailer has close to 90 stores across its brands—the flagship Ritu Kumar—that sells daily and semi-formal ethnic wear; Ri—premium bridal and formal wear; and Label—a more casual contemporary women’s wear brand.

The fashion retailer currently has about 90 stores, of which 30 are Label stores.