Future Ventures India, the venture capital arm of Kishore Biyani-owned Future Group—owners of retail brands Big Bazaar and Pantaloon—, is close to acquiring a substantial stake in Kolkata-based apparel maker Turtle .
Sources said a deal is expected shortly. A senior executive at Future Ventures confirmed that the due diligence was on.
“Turtle is an exciting company and Future Ventures is in an advanced stage of discussion with them. However, it will be difficult to reveal the exact size of the deal,” he said.
Turtle director Amit Ladsaria also confirmed that a deal was in the offing, but declined to comment on the plan. “The deal hasn’t been completed yet. We’ll be in a position to comment once that is done.”
The deal will help Turtle infuse money to fund future expansion and create a captive clientele in Future’s retail outlets that includes Pantaloon. Other retail outlets of Pantaloon and Future Group will gain from the association with the brand. Turtle clocked Rs 46.4 crore in turnover last year, and Mr Ladsaria says the company is on track to meet this year’s revenue target of Rs 78 crore.
It has a presence across 1,050 multibrand outlets, 30 exclusive stores and 50 chain stores that include Shoppers Stop, Piramyd and Pantaloon.
“Last year the focus was on attaining width of distribution; this year it’s on depth. Our plan is to service these outlets better and improve like-to-like store sales,” says Mr Ladsaria.
Recently, Turtle launched a blended fabric brand London Bridge to extend its presence across different price points. Turtle has an international presence as well in Bahrain, Kuwait, Dubai, and the Fiji Islands, while London Bridge being sold in Oman, revealed Mr Ladsaria. Turtle denim wear has just been launched in Kolkata and a suits range will be introduced in November.
Source: Economic Times