Catwalk in talks to sell 26 pc to IVFA for Rs 100 crore

MUMBAI: Mumbai-headquartered women’s footwear brand Catwalk Worldwide is in advanced talks with private equity fund India Value Fund Advisors (IVFA) to divest around 26 per cent stake in the company for $18 million (around Rs 100 crore), said two people familiar with the development.

"We were looking for the right partner who can understand brand building," said Asif Merchant, founder of CWPL.

"The fresh equity will be used for further growth in setting up standalone stores and few acquisitions for backward integration to strengthen farm-tofork process," he added.

Founded in 1990, Catwalk has 40 stand-alone stores and around 250 shop-in-shops in India. Also, it is in talks with Sri Lankan retailer Odel and Isetan of Singapore to expand in Asian markets. While contacted over phone, Vishal Nevatia, managing partner of India Value Fund, declined to comment on the deal.

IVFA is India-focused private equity fund with $1.4 billion under management.

"Currently, PE investors are focused on sectors with less regulatory risks and hurdles," says Sanjeev Krishan, executive director and Private Equity Leader, PWC.

"Sectors such as consumer goods, healthcare, IT and non-regulated segments of education in limited ways will attract more such investments," he said.