The local arm of Pepe Jeans may soon come under Future Lifestyle, said a report by The Economics Times, adding that the Kishore Biyani-led group is already holding discussions with regards to the same.
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“L Catterton is a common investor in both these firms (Pepe and Future Lifestyle) and the deal will be valued at more than Rs 1,200 crore. The due diligence is over and the acquisition will be announced in a few days … both brands put together will have retail sales of over Rs 2,000 crore,” a person close to the development was quoted saying in the report.
According to the report, sources said that the negotiations were in their advanced stages. They added that the Future Lifestyle will look to merge the Pepe jeans with its own Lee Cooper portfolio in order to create one of the largest casual wear brand in the country.
The Pepe Jeans Group, that has LVMH-owned L Catterton and Lebanese investment firm M1Group as majority shareholders, was founded by Indian-origin siblings Arun, Nitin and Milan Shah in London in the 70s, the report said.
“It makes sense for the Future Group to add Pepe to their portfolio as the brand has a global appeal, growing well and has a strong franchisee. Pepe can also leverage the Future Group’s retail network to strengthen its reach,” Harminder Sahni, founder of retail consultancy firm Wazir Advisors was quoted as saying in the report.
First Published: IST