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Khazanah to invest in Pepe’s India arm

Khazanah Nasional Berhad, the strategic investment fund of the Malaysian government, is planning to invest in the Indian arm of Pepe Jeans.

Khazanah joins The Carlyle Group, Advent International and General Atlantic to acquire a stake in Pepe Jeans. The three US-based private equity funds were shortlisted to acquire a controlling stake in the Indian arm of Pepe Jeans.

The valuation is still being negotiated between Khazanah and Pepe. Earlier, the branded apparel group was seeking a valuation of Rs 2,000 crore ( $US .29 billion) for its business in India. Pepe Jeans India is a wholly-owned subsidiary of Pepe Jeans Group headquartered in Barcelona, Spain. The company was originally founded by three Indians, Arun, Nitin and Milan Shah, in London in 1973 as a weekend stall denim brand.

Pepe Jeans in India has over 215 franchise stores and retails its branded apparel through 1,000 multi-brand stores in the country. For fiscal year 2017, the firm posted net of Rs 49 crore ($US 7.12 million) and sales of Rs 424 crore ($US 0.62 billion), according to filings with Registrar of Companies.