In an exclusive tête-à-tête to fashionfad.in, Mr Pradeep Hirani, Chairman, Kimaya Fashions Private Limited (“Kimaya”) today announced that it has received investment commitment of Rs 60 crores from Franklin Templeton Private Equity Strategy ("FTPES"), a rupee denominated private equity portfolio managed by Franklin Templeton Asset Management (India) Private Limited, ("FT India"), and advised by Darby Asia Investors (India) Private Limited (“Darby India”). The transaction details were not disclosed.   

Promoted by husband and wife (Neha Hirani) duo, Kimaya is India’s largest luxury fashion house and operates high-end designer stores, primarily focusing on Indian ethnic womens wear. It currently manages more than 35,000sq.ft. of premium retail space across India and Dubai. The company is all set to deploy the funds raised in the current round for expanding Kimaya’s presence and establishing a new brand in the affordable luxury space, popularly known as the prêt segment, targeting the burgeoning upper middle class in India. 

The new prêt label will be committed towards making Indian designer wear accessible to a much wider consumer base across the country. Kimaya also has concrete plans to increase its footprint in the international market by opening company-owned and franchise stores in the leading fashion destinations of the world. 

In compliance with the increasing use of technology and the internet by fashion conscious digital consumers Kimaya is launching an e-commerce site that will overnight amplify its presence worldwide. The site will use state of the art, secure techniques and a user friendly interface that will revolutionize the buying patterns of fashion aficionados across the globe.

“There is an increasing feeling of belief that India is a strong contender to be the next fashion capital of the world. The onus to materialize this lies in our hands and such investments ascertain and reiterate the fact that we are not the only ones harboring such beliefs. By leveraging on the formidable platform that Kimaya has, the current development will provide immense boost and impetus to the Indian designer wear industry,” said, a jubilant Mr. Pradeep Hirani, Chairman, Kimaya Fashions.

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