New Delhi: RPSG Ventures Ltd., a division of the RP-Sanjiv Goenka Group, officially entered the Indian luxury clothing and lifestyle industry on Wednesday when it approved the purchase of a 40% share in FSP Design Pvt. Ltd., the firm that creates the high-end fashion brand Falguni Shane Peacock (FSP).
Subject to post-closing price changes as outlined in the share subscription and purchase agreement (SSPA), the deal is predicated on an enterprise valuation of â‚ą455.17 crore.
In a filing, RPSG Ventures stated that its Board of Directors approved the execution of a shareholders’ agreement (SHA) and a share subscription and purchase agreement with FSP Design and its promoters, Falguni Shane Peacock, Shane Jude Peacock, Hemen Rashmi Vimadalal, and Siddharth Bharat Gandhi, during a meeting on Tuesday. By purchasing both new shares and shares from existing owners, RPSG Ventures will get the 40% holding.
“Indian modern design and craftsmanship deserve a worldwide platform.” Shashwat Goenka, vice chairman of RPSG Group, stated, “FSP has the brand equity, the authenticity, and the creative depth, and we are proud to support this next phase of its growth.”
According to the BSE filing, the business will also have the option to purchase a further 10% of FSP Design within 18 to 24 months following the first transaction’s completion, enabling RPSG Ventures to gradually expand its overall investment to 50%.
A significant milestone in RPSG Ventures’ plan to create a distinctive portfolio throughout the premium fashion and leisure arena, the investment in FSP signifies the company’s entry into the luxury couture market.
FSP Design was established in Mumbai in 2019 and specialises in creating, producing, and marketing high-end clothing and accessories under the Falguni Shane Peacock brand.
For around â‚ą398 crore, Aditya Birla Fashion and Retail purchased 51% of Sabyasachi Mukherjee’s fashion house in January 2021. In February, they paid â‚ą67 crore for a 33.5% share in Tarun Tahiliani’s couture label. The majority of fashion designer Ritu Kumar’s Ritika Pvt. Ltd. was purchased by Reliance Retail Ventures Ltd. (RRVL) that same year. Aditya Birla Fashion and Retail also purchased a 51% share in House of Masaba in 2022.
According to a business statement, RPSG Group’s investment in FSP will expedite its long-term growth strategy, allowing the brand to expand across important countries, diversify into new categories, and improve organisational scale.
Co-founder and creative director of FSP Falguni Peacock stated that the collaboration will support the company’s international goals.