New Delhi, Nov. 19 -- Mumbai-listed RPSG Ventures, part of the RP-Sanjiv Goenka Group, is acquiring a 40% stake in luxury fashion house Falguni Shane Peacock, which sells couture, wedding wear and occasion wear.
The deal values parent FSP Design Pvt Ltd at an enterprise value of Rs 455.17 crore ($51.4 million), RPSG Ventures said in a stock exchange filing. Based on this valuation, the company is shelling out Rs 182 crore in cash for the stake.
RPSG Ventures will also have the right to acquire an additional 10% in FSP Design within 18-24 months, taking its potential total investment to Rs 227.6 crore.
FSP Design, operated by husband-and-wife designer duo Falguni and Shane Peacock, designs, manufactures, and markets high-end apparel and accessories.
The acquisition marks RPSG Ventures' entry into the luxury couture and lifestyle segment, which is witnessing rapid growth in India.
"The acquisition of a strategic stake in FSP Design Pvt Ltd will enable the company to foray into the luxury couture and lifestyle segment, and will be a significant milestone towards its objective of building a diverse portfolio in the luxury fashion and lifestyle space," RPSG Ventures said in the filing.
Founded in 2004, FSP is headquartered in Mumbai with an office and showroom in New York City. It sells through exclusive brand outlets, multi-brand stores, and online platforms in India and overseas.
The label has dressed several global celebrities, including Beyonce, Jennifer Lopez, Katy Perry, and Rihanna.
FSP Design grew sales 20% last year to Rs 91.75 crore. In FY24, revenue from operations stood at Rs 76.5 crore.
Published by HT Digital Content Services with permission from VC Circle.