L Capital Asia expresses faith in Fabindia

After Union HRD minister Smriti Irani complained about the presence of CCTV cameras inside the trial room of a Fabindia store in a Goa, its largest investor L Capital Asia, has said that it has utmost faith in Fabindia’s management. Fabindia has stores in Bhutan, Italy, Mauritius, Singapore, Nepal and United Arab Emirates (UAE). With L Capital, the private equity arm of luxury goods maker LVMH Moët Hennessy Louis Vuitton, and PremjiInvest owning a stake in Fabindia, the company is popular for its hand-woven and hand-printed fabrics having traditional Indian prints and motifs.

Fabindia was founded in 1960 by an American called John Bissell to market vast and vibrant craft traditions of India. When William Bissell took over the company from his father John Bissell in the 90’s, he transformed the company from an export house into a national retail brand. William Bissell and family still own a 50 per cent stake in Fabindia, while Wolfensohn held 8 per cent now acquired by L Capital.