Mandhana Retail Ventures, which manufactures and sells Salman Khan’s Being Human brand of apparel, has roped in ChrysCapital as its second investor. Rakesh Jhunjhunwala is the first; he holds a 12.74 per cent stake in the clothing company.
The PE firm ChrysCapital has picked up a 3 per cent stake through the secondary market.
Speaking to
Mandhana Retail Ventures was demerged from its parent company, Mandhana Industries, last September and was listed as a separate entity. Its biggest investor so far is Rakesh Jhunjhunwala who picked up a 12.74 per cent stake in the company last December after the demerger. “We have 18 per cent stake in our company going to PE funds and there will be no further equity dilution now,” added Mandhana.
Eyes on more celebrities
Besides Salman Khan’s Being Human brand, the company is exploring possibilities for taking in more celebrities under its fold. “We would be adding celebrities from not just Bollywood but also from the sports world who are already the face of certain brands.
“We are exploring more celebrities in the lifestyle category for which we will buy the rights like we have done with the Salman Khan Foundation,” he added.
The rights for Being Human, belonging to the Salman Khan Foundation, were picked up in 2010 and since then the sales turnover has reached ₹350 crore. The actor takes a royalty on the sales. “The royalties paid to Salman Khan have recently doubled to 6 per cent from 3 per cent,” said Mandhana.
Mandhana Retail Ventures has also set up 65 Being Human Apparel stores and is now planning to add 150 stores in the next three years. It already has five stores in overseas markets such as West Asia, France, Mauritius and Nepal, and is now spreading its operations to new markets of in the US and Canada through multi-brand outlets.
Correction
An earlier version of the story incorrectly pegged the deal value as Rs 450 crore. The Rs 450-crore was the market-cap of the company when the share was trading at Rs 200/share.