Kishore Biyani increases stake in Biba

Thursday, 19 May 2011

Sanjay Bindra’s stake in Biba, the iconic brand, has been bought by Kishore Biyani. The Future Group now owns a 42 per cent stake in Biba, 28 per cent of which is as Future Ventures and 14 per cent as Future Capital. The Bindra family owns the rest. In an all-cash deal, Biyani has paid in excess of Rs 50 crores. The word Biba in Punjabi is an endearment for a young and pretty girl implying sublime qualities, so it was the name decided by Meena Bindra, the founder of Biba for her line of salwar-kameez and dupattas started in 1986. Biba specializes in ethnic Indian garments with a modern and contemporary look and offers a wide range of fashionable and affordable designer clothing from medium-to-plus sizes.

Meanwhile Sanjay Bindra has launched a new Indian ethnic wear brand Seven East after selling his stake in Biba. Seven East is a premium brand which is more of a designer wear. It is now available in 14 standalone stores across Mumbai, Pune, Surat, Baroda and Bangalore, and 36 Shoppers Stop across the country. This is just in a span of 45 days, making it the fastest growing fashion brand in the country. Bindra says they have plans to open 29 stand-alone stores by June this year. He added, that the brand already has received a good response with a 38 per cent share in Shoppers Stop and aims to generate around Rs 100 crores in the next 13 months and around Rs 300 crores in the next three years. The brand is looking forward, at bringing in a PE partner also. The brand has closed five stores at various shopping malls. This is a total re-invention of women’s ethnic wear retail with store interiors costing 40 per cent higher than the average market competition.

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