Indian fashion house Ritu Kumar looks to raise $20 million

Indian apparel label Ritu Kumar is seeking a cash injection of up to US$20 million.

The firm will branch into new retail segments such as home furnishings and accessories.

“We are in the market this year looking for another injection, a larger injection than last time,” said Ritu Kumar MD Amrish Kumar. “Also, [private equity firm] Everstone is coming to the end of their cycle, so they will be looking for an exit sometime soon.”

Everstone invested $14.5 million in Ritu Kumar five years ago. The firm currently operates 90 outlets under three designer labels.