Senior Correspondent, IndianRetailer.com & Retailer Magazine Jan 08, 2014 / 2 MIN READ
Leading apparel brand, Blackberrys, aims to acquire leading Indian denim maker, Spykar Lifestyle. As per the market reports, the company is in discussion with Avigo Partners, a PE investor that holds a 60-percent stake in Spykar. Prasad Pabrekar, Founder, Spykar, holds the remaining 40 percent stake in the company.
For the past few years, Avigo has been in talks with many strategic players, including private equity investors, to sell its stake in Spykar. These talks have not yet gone forward due to valuation issues.
The products of Spykar, established in 1992, are sold through 1,000 multi-brand and 200 exclusive outlets across India. The company clocked annual revenue of Rs 180 crore in the last financial year. Global investment bank, Lincoln International, is advising Avigo to find potential buyers.
To utilise fund for logistics and technology up gradation
Decision based on consumers’ sentiment.
The cost of acquisition is not disclosed
Funding comes from Vertex Venture Holdings and others.
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