Brokerage Motilal Oswal’s private equity arm on Tuesday announced that it has led a Rs 90-crore investment into fashion jewellery brand Kushal’s Retail to help it in business expansion.
The India Business Excellence Fund III, which is managed or advised by Motilal Oswal Private Equity (MOPE), has committed Rs 85 crore to the Bengaluru-based omni-channel retailer, while the remaining sum came from existing investor India SME Investments Fund I, as per an official statement.
Established in 2006, Kushal’s has a network of 43 exclusive business outlets focused in south India and the company also sells through its own website, as per the statement. "The funds raised will be utilised for expanding store presence, strengthening the online channel, brand investments and building a robust organisation," its promoter Manish Gulechha said.
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MOPE’s managing director and chief executive Vishal Tulsyan said he believes fashion jewellery segment in India is poised to be a USD 6-7 billion industry in the next 4-5 years, largely driven by increasing consumption by the millennial segment.
"Kushal’s, with its intricate designs, strong focus on product quality and a premium in-store shopping experience, has created a leading brand in this space, and like Tanishq in the real jewellery segment, will be the largest player in the fashion jewellery space," he added.
(Edited by : Anand Singha)
