Numero Uno denies strategic sale reports

One of India’s best known jeanswear brands Numero Uno

has denied media reports on a strategic sale. The company has confirmed that only the private equity investor Alchemy Ashmore, which holds 25 per cent stake in the company is looking at selling its stakes in the company.

Ernest & Young has been mandated by the Gurgaon-based retailer to find a strategic or financial investor, for this purpose. In addition, the company is also exploring investment options that FDI in retail, can offer. It is also looking at expanding its presence in Tier-I, II cities. The company celebrated its 25th anniversary this year and organised a fashion show at QBA, as part of the celebration.

Numero Uno is amongst the top selling jeanswear brands in the northern region, with a turnover of Rs 270 crores (on retail prices).The retailer, which operates mainly in north India, started off by selling jeans but later also diversified into casual wear, innerwear, shoes and accessories. India’s organized denim market is estimated at Rs 7,000 crores, growing by 15 per cent annually.