The founding family of Indian footwear firm RedTape is exploring the sale of a majority or potentially full stake in the company, with private equity interest solicited from Blackstone and KKR, according to a report by Reuters citing unnamed sources familiar with the matter.
RedTape, launched in 1996, operates in a competitive segment alongside global brands such as Nike, Adidas, Bata India and Campus Activewear. The sector is projected to grow 11% annually to $21bn by 2028.
The Mirza family has appointed Ernst & Young as exclusive adviser for the divestment and is seeking non-binding indicative offers from potential buyers. At Monday’s closing price, a 50% stake would be valued at approximately $356 million, while the full 71.8% holding is worth around $509 million.
RedTape operates over 600 retail outlets in India and maintains a presence in 14 international markets. In FY 2024/25, the company reported revenues of $224m, up nearly 10%, while net profit declined 3.5% to $18.8m.
