Rakesh Jhunjhunwala Buys 5% Stakes In Provogue
Sep 07, 2018 | 19:14 PM IST
Sep 07, 2018 | 19:14 PM IST
Celebrity investor Rakesh Jhunjhunwala has bought a 5% stake in Provogue India the company owned by Chaturvedi family. The deal was closed for an undisclosed amount. Jhunjhunwala has also joined the board of the apparel company based in Mumbai.
Meanwhile the Chaturvedis have merged their companies - Acme Clothing (which owns the Provogue brand), Acme Global (which focuses on exports) and Acme Hospitality (Provogue Lounges) to form a company Provogue India.
Nikhil Chaturvedi the managing director of Provogue India said that the resources which were raised via stake sale will be utilised to fund the company's expansion plan. We are also setting up a trouser manufacturing plant at Daman, that will have a capacity to produce two thousand trousers a day. Furthermore, we are adding up 22 Provogue studios, expanding our presence from the current 53 studios.
Currently Provogue India has a shirt manufacturing facility based in Daman which has the capacity to produce three thousand shirts a day.
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