PVR Founder's Family Office Invests In Luxury Brand Louis Stitch The fund raise has been done through the Bijli group's logistics unit, ATC Logistics, which is run by Bijli's son, Aamer
By Teena Jose •
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The Family Office of Ajay Bijli, founder and managing director of multiplex cinema chain PVR Ltd, has taken a minority stake in men's luxury footwear and fashion brand Louis Stitch. This is reportedly the first time the PVR family business has invested in a business like this.
The fund raised has been done through the Bijli group's logistics unit, ATC Logistics, which is run by Bijli's son, Aamer. According to an ET report, Louis Stitch had collected INR 5 crore from the Bijli Family Office at a pre-money valuation of 100 crore.
"We have raised funds to support growth and expansion into offline stores with a network of exclusive brand outlets in major metros. The funding will also be allocated for product line expansion, capacity expansion and distribution. The brand, which sells men's footwear, jeans, bags and accessories, will expand its portfolio by adding clothing such as polo shirts, formal shirts and trousers," said Amol Goel, chief executive and founder of Louis Stitch, in a statement.
Ajay Bijli is chairman of PVR Ltd and the owner of PVR Cinemas chain in India. Since 2013 Bijli has been a managing director for CineMAX India and a director for iPic Entertainment Inc.
Louis Stitch is a premium quality luxury brand that holds a classic range of leather products from bags, belts, shoes and gift combos. The four-year-old local brand so far only sells online via its own e-commerce portal and e-commerce platforms Myntra, Amazon, and Nykaa. Investment by the Bijli Family Office will be put in place to set up a standalone physical shop, according to sources.
As per Kearney Research, India's retail industry is projected to grow at 9% over 2019-2030, from $779 billion in 2019 to $1,407 billion by 2026 and more than $ 1.8 trillion by 2030.
