Indian kidswear brand, Lilliput, is seeing a strong fall in its sales as it embroils in various bitter public battles with private equity investors Bain Capital and TPG. Founder Sanjeev Narula will soon sell the brand and its retail assets.
According to reports, at least five firms, including Mahindra & Mahindra, and private equity funds, Kohlberg Kravis Roberts & Co, Blackstone, L Capital and India Value Fund, have signed non-disclosure agreements to enter into negotiations to buy Lilliput.
The brand Lilliput, its retail assets and liabilities will be transferred to a new company, which will be sold off to a third party. Narula will be left with his two original businesses – garment manufacturing and exports.