Advent International Acquires Women’s Innerwear Brand- Enamor

Advent International (Advent), one of the largest and most experienced global private equity investors, today announced that it has acquireda 100% stake in Enamor, a leading women’s premium innerwear brand in India, from India Alternatives, Faering Capital and the Promoters for a combined equity value of approximately Rs 320 crore. The transaction is Advent’s eighth investment in India in the past four years and its fourth in the consumer goods sector during the same period. 

Founded in 2001 as a joint venture with Barbara of France, Enamor offers a high-quality range of lingerie, sportswear and athleisure wear. The company has 20 exclusive brand outlets and over 4,500 points of sale nationwide, predominantly located in larger cities, as well as a strong online presence and e-commerce business.

Vinod Padikkal, a Director at Advent International, said that Enamor is a market leader in a dynamic segment with significant growth potential and a strong management team who will continue to lead the business. They are excited to work with the team to help take the brand to the next level, he said. 

 

Shekhar Tewari, CEO of Enamor, added that women’s lingerie in India is a high-growth market, with only a few strong brands in operation. As lingerie sales increase alongside disposable income, Enamor, one of the market’s leading players, is strongly positioned to benefit from these trends. They look forward to working with a global investor such as Advent, who will bring significant expertise and resources to help grow their business faster, he said.

 

Advent International had forayed into India in 2007 and has been investing in the country since then. It had opened its Mumbai office in 2009. Over the past 12 years, the firm has deployed more than $1 billion in 10 companies with headquarters or operations in India across sectors such as consumer products, financial services, healthcare, industrial and technology. Recent investments include DFM Foods, a leading producer of packaged snack foods; Aditya Birla Capital, the holding company for the financial services businesses of Aditya Birla Group; Manjushree Technopack, India’s largest provider of rigid plastic packaging solutions; Dixcy Textiles, a leading innerwear brand; ASK Group, a leading wealth and investment management business; QuEST, a global engineering solutions provider; and Crompton Greaves Consumer Electricals, India’s No. 1 supplier of consumer electrical goods and lighting.

Advent also has significant investment experience in the retail, consumer and leisure sector globally. Over the last three decades, the company has invested more than $11 billion in over 75 companies in the sector worldwide. It has $54 billion in assets under management. At present, it has as many as 15 offices across 12 countries. And it has established a globally integrated team of over 195 investment professionals across North America, Europe, Latin America and Asia. When it comes to investment, Advent puts its focus on five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology.

Avendus was the exclusive advisor to Enamor and its shareholders on this transaction.