Indian luxury fashion retailer, Kimaya Fashions, has recently announced that it will soon launch a new label in order to tap women consumers in smaller towns. The company also plans to open 30 stores in the next three years for its new label, primarily in non-metro cities. It has also signed licensing deals with 12 prominent Indian designers for the purpose.
The funds for this new initiative will be through the capital raised by selling a 20% stake in the company to private equity firm Franklin Templeton. The firm is reported to have raised Rs 60 crore earlier this year through the deal. The company also plans to open ten new Kimaya brand stores within the next three years, in addition to its 16 existing stores.