Premji Invest buys 8% of exiting L Capital’s stake in Fabindia

L Capital is exiting Fabindia Overseas with over 100% returns and Premji Invest has bought its 8% stake for nearly Rs 360 crore.

L Capital, the private equity arm of leading luxury goods conglomerate Louis Vuitton MoHennessy (LVMH), had bought 8% stake in Fabindia in 2012 for nearly Rs 150 crore.

Meanwhile, Premji Invest was ahead of other private equity investors to buy the 8% stake.

Fabindia has over 200 stores across 79 locations, having customer base of three million.

Ravi Thakran, chairman of L Capital Asia, had said Genesis Luxury and Fabindia demonstrated strong revenue growth.

Reportedly, in October 2015, LVMH registered an 18% increase in global revenue, reaching 25.3 billion euros, for the first nine months of 2015.

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