Fazle Naqvi to float brands business
Landmark Group honcho and fashion industry veteran Fazle Naqvi is on his way out to float a venture capital backed start-up.
By Boby Kurian & Urvashi Jha, TNN |
BANGALORE: Landmark Group honcho and fashion industry veteran Fazle Naqvi is on his way out to float a venture capital backed start-up. Mr Naqvi, who spearheaded Landmark’s international brands business, LMG Brands in India, is setting up a new entity in the fashion brands space, sources said.
It is believed that Mr Naqvi, who was a co-founder of Indus-League Clothing prior to joining Landmark, is readying a venture dealing in international brands tapping into India’s booming fashion mart. Talks are on currently with potential investors, but Mr Naqvi is expected to hold a majority interest. When contacted, Mr Naqvi declined to comment.
Sources said Mr Naqvi was in discussions with international brands to operate them through a franchise and distribution model. This will be Mr Naqvi’s second brush with venture capital after he floated Indus-League funded by Draper Fisher Jurvetson and ICICI Ventures in 1999. He along with Sriram Srinivasan led Indus-League that owns brands like Scullers and Indigo Nation.
In recent months, this will be the second high-profile start-up venture in the fashion brands space following another industry peer Darshan Mehta’s move to set a new entity as part of the Mukesh Ambani-led Reliance Group.
During his over two years old stint at Landmark, where he set up LMG Brands, Mr Naqvi brought in brands like Bossini, Kappa, Springfield, Josef Siebel and Vincci. His exit comes at a time when LMG Brands in India is in an expansion mode across its four international brands.
Mr Naqvi came into limelight at Madura Garments in the early 1990s where he was instrumental in building a market leading portfolio of brands like Louis Philipee, Van Heusen and Allen Solly, which in many ways heralded the branded lifestyle apparel industry in the country.
It is believed that Mr Naqvi, who was a co-founder of Indus-League Clothing prior to joining Landmark, is readying a venture dealing in international brands tapping into India’s booming fashion mart. Talks are on currently with potential investors, but Mr Naqvi is expected to hold a majority interest. When contacted, Mr Naqvi declined to comment.
Sources said Mr Naqvi was in discussions with international brands to operate them through a franchise and distribution model. This will be Mr Naqvi’s second brush with venture capital after he floated Indus-League funded by Draper Fisher Jurvetson and ICICI Ventures in 1999. He along with Sriram Srinivasan led Indus-League that owns brands like Scullers and Indigo Nation.
In recent months, this will be the second high-profile start-up venture in the fashion brands space following another industry peer Darshan Mehta’s move to set a new entity as part of the Mukesh Ambani-led Reliance Group.
During his over two years old stint at Landmark, where he set up LMG Brands, Mr Naqvi brought in brands like Bossini, Kappa, Springfield, Josef Siebel and Vincci. His exit comes at a time when LMG Brands in India is in an expansion mode across its four international brands.
Mr Naqvi came into limelight at Madura Garments in the early 1990s where he was instrumental in building a market leading portfolio of brands like Louis Philipee, Van Heusen and Allen Solly, which in many ways heralded the branded lifestyle apparel industry in the country.
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