Dubai-based fashion and lifestyle retailer Apparel Group is considering an initial public offering for its Indian unit in Mumbai, according to people familiar with the matter.
The company, which operates brands such as Victoria’s Secret, Aldo and Crocs in India, has held preliminary discussions with bankers to gauge market sentiment for Apparel Group India Pvt.’s potential share sale, the people said, asking not to be identified because the information is private.
While the valuation and the IPO size are yet to be decided, banker appointments are expected soon, the people said. The offering could take place later this year or in early 2027, they added.
Deliberations are ongoing and details including the timing of the offering could still change, the people said. A representative for Apparel Group didn’t immediately respond to a request for comment.
India’s IPO market has cooled in recent months, with companies deferring listings amid volatility driven by the Iran war and slower domestic earnings growth. Conditions may shift if equity markets stabilize, potentially encouraging issuers with resilient business models to revive fundraising plans.
Apparel Group India operates over 300 stores in more than 50 cities in the country and manages more than 20 brands, according to its website. Its portfolio includes Charles & Keith, Dolce & Gabbana Beauty, Levi’s Kids, Tim Hortons, Inglot, Call It Spring, Nike Littles and Jordan Kids.
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