The Family Office of Ajay Bijli, founder and managing director of cinema multiplex chain PVR Ltd, has picked up a minority stake in men’s luxury footwear and fashion brand Louis Stitch. This is the first time the PVR family business is investing in such a business.
The funding has been done via Bijli group’s logistics arm, ATC Logistics, run by Bijli’s son Aamer. Louis Stitch said it has raised ₹5 crore from the Bijli Family Office at a pre-money valuation of ₹100 crore.
The homegrown four-year-old brand so far sells only online through its own e-commerce portal and e-commerce platforms Myntra, Amazon and Nykaa. The investment by Bijli’s Family Office will be infused to set up standalone physical stores.
Bijli said Louis Stitch “has shown remarkable growth since its inception in the men’s luxury fashion market”.
“We have raised the funds to support growth and expand to offline stores with a network of exclusive brand outlets in key metros,” Amol Goel, chief executive and founder of Louis Stitch, said.
The scale-up plan comes at a time when offline retail is seeing robust resurgence post pandemic, according to multiple industry reports. India’s retail market is forecast to touch $2 trillion by 2032, up from $ 690 billion in 2021, a February report by retail consultancy Anarock and Retailers Association of India (RAI), said. The report said real estate developers plan to add nearly 25 million square feet of new mall space across seven major cities over the next four-five years.
Goel said the funding will also be allocated to expand product lines, capacity expansion and distribution. The brand, which sells footwear, jeans, bags, and men’s accessories, will extend its portfolio to add apparel such as polos, formal shirts, and trousers, Goel said. Another report by CBRE said rapid expansion of offline retail is being led by fashion and apparel, and food and beverages, not just in metros but tier-2 and 3 markets as well.