The chief executive officer of leather goods maker Hidesign, Kunal R Sachdev, who was instrumental in building the brand and taking it international, has quit the company to set up his own venture in the retail space.
“I am looking at raising $3.5 million (from venture capitalists),” he told. “We might require a $ 5 million debt component coming in the third year (of operations) which we would retire by the fifth year,” he said.
Agreement with venture capitalists is expected in the third or fourth week of this month, Sachdev said.
Promoters of the proposed start-up would hold 65 per cent equity, with the remaining to be picked up by the VCs. The proposed venture would be based out of Bangalore and the business would have local, national and international presence.
Sachdev has worked twice with Hidesign — from 1996 to 2000 and from 2004 to 2008.
The Pondicherry-based Hidesign brand has 46 stores in India and 15 overseas. It has brand presence in some of the best retail shelves worldwide.
Also Read
Sachdev said the “context was right” for him to leave Hidesign, noting that “everything seemed to be falling in place for Hidesign, which is now poised for its next level growth with a strengthened core team and Kapur’s younger son Vikas expected to take charge from early next year”.
He said starting a venture on his own is something he wanted to do for a long time. “And, I think the timing is right. Real estate market seems to be settling down a bit. It’s good time to begin a business. Because when the market rises again, you are poised well to take advantage of the situation,” he said.