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Desai & Diwanji, AZB cut Rs 60 cr Kimaya Fashions investment

Big fashion = big bucks (Valuation: Rs 300 crore)
Big fashion = big bucks (Valuation: Rs 300 crore)
Exclusive: Desai & Diwanji Gurgaon advised Franklin Templeton on its purchase of 20 per cent of Mumbai designer clothes retailer Kimaya Fashions, which was advised by AZB & Partners Mumbai office.

Desai & Diwanji partner Amit Khansaheb, associate partners Rachna Jain and Joebin Devassy, assisted by associates Ramanuj Basu and Vinayak Mishra acted for the Indian subsidiary of US private equity house Franklin Templeton.

Kimaya, which will issue new shares to the investor to make up 20 per cent worth around Rs 60 crore ($13.6m) according to the Economic Times today, was represented by AZB senior partner and CEO Abhijit Joshi, senior associate Niren Patel and associates Anahita Irani and Siddharth Prasad.

The luxury fashion company, which has 16 stores in India and one in Dubai, would open 50 further stores in India and overseas in the next three years and launch an affordable designer wear brand called Pret targeting India’s second cities.

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