“Enamor is a market leader in a dynamic segment with significant growth potential and a strong management team that will continue to lead the business,” said Vinod Padikkal, a Director at Advent International. “We are excited about working with the team to help take the brand to the next level.”
Shekhar Tewari, CEO of Enamor, added: “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. We look forward to working with a global investor such as Advent, who will bring significant expertise and resources to help grow our business faster.”
Advent International has been investing in India since 2007 and 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. In the past 29 years, the firm has invested more than $11 billion in over 75 companies
in the sector worldwide.
Avendus was the exclusive advisor to Enamor and its shareholders on this transaction.