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Warburg, Faering complete biggest-ever PE backing of Indian ethnic clothing company

6 Dec 2013

BIBA ApparelUS-based private equity firm Warburg Pincus has reportedly completed the largest investment in Indian ethnic clothing business to date by backing BIBA Apparels alongside Faering Capital.

The $46.8m investment in the women and girls’ clothing brand provides an exit for Future Lifestyle Fashions according to VCCircle, which first reported news of the deal in September.

It said the investment would enable BIBA to evolve into an ethnic fashion house targeting women and girls across all income levels in India and abroad.

Earlier this year Premji Invest reportedly bought a seven per cent stake in traditional Indian clothing retailer Fabindia for up to $25m.

The reported deal came just weeks after L Capital Asia – the Asian private equity arm of iconic luxury goods conglomerate LVMH – bought an eight per cent stage in the business from Wolfensohn Capital Partners.

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