Fashion accessories brand Lavie’s owner Bagzone Lifestyles Private Limited has secured a $9M investment from First Bridge India Growth Fund.
The business will use the funds to expand its production facilities by opening a new factory and to expand its offline presence by opening 300 exclusive brand outlets.
“We are very excited to partner with First Bridge,” said Bagzone Lifestyles Private Limited’s CEO Ayush Tainwala in a press release. “They come with a long track record of building many successful consumer businesses. We hope to grow 10 fold in the next few years and become a multi-category, multi-brand business. We will use the funds raised to enhance our in-house manufacturing capability, deepen our offline presence, and grow our brand’s stature and recall.”
The business will establish a 150,000sq ft factory to fortify its internal manufacturing capabilities. This project is designed to contribute towards the brand’s growth target as well as its goal of transforming into a diversified, multi-brand corporation with numerous product categories.
