Luxury brands retailer Genesis Luxury, that has brought brands like Armani, Canali and Furla to India, has patchedup with the LVMH Group-owned private equity firm L Capital Asia. After resolving issues, L Capital Asia is now committed with its 40 percent holding in the Rs 200 crores firm. Genesis is also in the final stages of talks with two more global brands. One of which is a casual wear player and other a footwear brand.
It may be recalled that beauty products retailer, Sephora, owned by LVMH had shifted hands to DLF Brands after L Capital Asia broke ties with Genesis Colors. It was reported that L Capital Asia had mandated Genesis Colors to buy back the 40 percent stake that the PE firm held in Genesis Luxury. However, the Delhi-based Genesis Luxury had refused.
This fiscal year, Genesis is witnessing a same-store sales growth of 15 percent on a like-to-like basis as compared to 18 percent last year. The company expects group revenue to touch Rs 360 crores this fiscal up from Rs 270 crores last year.
Along with its parent company Genesis Colors that has been successfully retailing Satya Paul, Tie Rack and Bwitch, Genesis Luxury is recording a growth rate of 35 percent annually despite a slowdown. The company also plans to roll out an IPO in the next two to three years based on requirement. It launched two new brands last July -- Michael Kors at DLF Emporio, and Villeroy & Boch at the Palladium, Mumbai.