PE investors pick minority stake in Biba

As per latest media reports, as speculated earlier,

private equity investors Warburg Pincus and Faering Capital have jointly picked up a minority stake in women’s ethnic apparel maker Biba Apparels for Rs 300 crores.

It was earlier speculated that Kishore Biyani’s Future Ventures was in talks with private equity fund CX Partners to sell off its 28.3 percent stake in Biba Apparels. At that time, CX Partners, ChrysCapital, TA Associates and General Atlantic Partners were in the race to acquire a stake. After its recent restructuring, Future Group now has three operational companies — Future Retail, Future Ventures and Future Lifestyle Fashions. Biyani had invested around Rs 40 crores in AND and Biba fashion brands almost six years ago.

Biba is looking at expanding its pan India footprint by taking the store count to 350 in the next 3 years while aiming for Rs 1,000 crores revenues. Plans are afoot to unveil a value brand by early FY-15. Biba, founded by Meena Bindra three decade ago, was created from her line of salwar, kameez and dupattas at affordable price points. Last year, Biba had also formed a joint venture with fashion designer Manish Arora to market his premium ethnic wear brand ‘Indian’. Company owns 51 percent stake in the venture.