Come festive season and most of east India seems to head to a Khadim’s outlet to buy footwear — during Durga Puja, the company sells over 14,000 pairs a day. This year, there was an unusual shopper at the Kolkata-based shoemaker — PE player Reliance Equity Advisors, which forked out ₹90 crore for an undisclosed stake in the company. “The funds raised will be used for opening 90 company-owned and operated retail outlets across the country over the next three years. It will also be used to retire debt and scale up logistics infrastructure,” says Siddhartha Roy Burman, CMD, Khadim India.
Good for Khadim’s, but what prompted the sudden PE interest in the company and, indeed, the sector?