BENGALURU: Private equity firm CX Partners is close to acquiring about 30 per cent stake in Indian women’s ethnic wear brand Soch Apparels Pvt. Ltd. for slightly over Rs 300 crore ($41 million).
Soch opened its first store at Bangalore’s Forum Mall in 2005. The brand has now grown to 100 exclusive outlets across 39 cities that include Bangalore, New Delhi, Mumbai, Chennai, Hyderabad, Pune, Mysore, Coimbatore, Vijayawada, Cochin and many more, according to its website. Soch also retails through shop-in-shops across Shopper’s Stop and Central outlets, with a presence in over 50 large format stores.
The company was also reportedly in merger talks with Vedant Fashions Pvt. Ltd, owner of ethnic wear brand Manyavar last year. The deal was to be backed by another PE investor Kedaara Capital but the talks didn’t materialise.
Branded ethnic apparel segment has never had it so good with Ritu Kumar, TCNS Clothing (W and Aurelia), House of Anita Dongre (AND, Global Desi), Indiwear and Biba tweaking runway pieces for everyday dressing. Most of these brands have raised funding from marquee investors, signalling a growing private equity (PE) appetite for a piece of the Indian ethnic wear pie.