Mumbai | New Delhi: Promoters of affordable luxury leather brand Da Milano Italia are looking to sell a significant stake in the company at an enterprise valuation of ₹1,500 crore, multiple people aware of the deals said.
“The company is in talks with potential investors to dilute equity stake in the business,” said an executive directly aware of the development.
The promoter family is evaluating whether to “dilute a minority or majority stake,” the person said, adding that the decision may depend on the negotiated valuation.
Promoters Surinder Malik, Sahil Malik and Salil Malik have hired consulting firm PricewaterhouseCoopers (PwC) India to run the sale mandate, people cited above said.
Both strategic investors and private equity players have shown interest, they added.
Established in 1989 by Surinder Malik as a leather product exporting firm, Da Milano currently sells leather handbags, leather accessories and wallets through 79 exclusive stores, including 18 airport outlets.
An email seeking comments from Da Milano’s office remained unanswered till press time Wednesday. Sahil Malik, founder and managing director of Da Milano, could not be reached for comments.
Da Milano generated revenue of ₹233 crore for the financial year ended March 2023, according to its Registrar of Company (RoC) filings sourced from business intelligence platform Tofler. Its profit for the period was ₹39.4 crore.
The brand competes in the affordable luxury space. While ladies’ bags are priced between ₹6,000 and ₹15,000, men’s computer bags and luggage command anywhere between ₹8,000 and ₹28,000.
