Ramesh Tainwala, Samsonite, President (Asia-Pacific & West Asia) has confirmed the acquisition of 48.5% stake in Planet Retail, a Mumbai-based lifestyle and fashion retailer. It is reported that Tainwala has stake equal to V P Sharma, the company’s promoter. Together, Tainwala and Sharma own 97 per cent of the company, while Future Group’s Kishore Biyani holds the remaining 3 per cent.
Planet Retail, which has a turnover of Rs 170 crore, has in-licensing agreements with fashion brands Guess, Accessorize and Nautica. It also has the in-licensing mandate for Debenhams, a British departmental store chain, and Body Shop, a UK-based beauty products major. The company has close to 200 stores, and plans to raise the number to about 700 in the next three years. It has chalked out a roadmap to invest around Rs 450 cr, out of which Rs 110 cr will be invested this year.