Indian Terrain plans new stores, products with fresh funds

Men’s premium fashion brand Indian Terrain has raised Rs 75 crores funds through QIP (qualified institutional placement). The company aims to utilize the fresh funds for establishing retail presence, while launching new product lines. As a part of its strategy, a part of funding would also be invested in strengthening supply chain, infrastructure, marketing initiatives and information technology. The company has announced plans of opening 80 stores over next two years, which would be a mix of franchise and company-owned stores.

Reports suggest that Indian Terrain, which decided to detach itself from Celebrity Fashion operates as a separate entity since 2010. It issued 14.12 lakh shares at Rs 531 each aggregating Rs 75 crores last month, to few domestic and international funds such as SBI Mutual Fund, DSP BlackRock Mutual, Amundi Funds and Malabar India Capital Fund. The company’s existing shareholders diluted their 19 percent stake to raise funds. Now the promoters hold 31 percent stake in the company.

Product expansion plans in the pipeline include a denim line and a boy’s wear brand. With retail expansion and new product additions, the company aims to double its turnover of Rs 235 crores over the next two-three years.