| | MAY 20238Ace Turtle, which owns Lee, Wrangler, Toys 'R' Us, and Babies 'R' Us in India, has raised $34 million (Rs.293 crore) in Series B funding.Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures, and Trifecta Capital led the Series B round. This round was also attended by existing investors Vertex Southeast Asia and India, as well as InnoVen Capital."The funds will be used to develop technological tools that ensure seamless omnichannel operations, acquire licences for new fashion and lifestyle brands, and recruit talent at all levels to support the company's aggressive growth plans. " This will allow us to broaden our brand portfolio and strengthen our market position", said Nitin Chhabra, CEO of Ace Turtle.In the fiscal year 2022-23, ace turtle doubled its revenue and became EBITDA-positive."Ace Turtle's asset-light approach, deep domain expertise in product supply chain, and use of data-driven insights in understanding consumer behaviour and demand present significant opportunities for the integration of cutting-edge omnichannel tech solutions into brand operations, facilitating substantial growth in the foreseeable future". said James Lee, General Partner of Vertex Growth.To reach consumers directly, ace turtle is vertically integrated from design to local manufacturing and marketing."Asian domestic consumption has been one of our key investment themes." We believe India will be a leading source of global growth in the coming decades, owing to favourable demographics, a growing middle class, and increased internet penetration", said Yoshitaka Kitao, Chairman and President of SBI Investment. Jean Touboul has been appointed as Pernod Ricard India's new managing director, effective May 1st, 2023. Touboul previously served as the managing director of Pernod Ricard South-East Asia, based in Singapore. He will continue to report to Philippe Guettat, Chairman and CEO of Pernod Ricard Asia, and will be a member of the Executive Committee of Pernod Ricard Asia."What I am most excited about in my new role is driving our many strategic priorities and the vast opportunities in India, which is a culturally diverse market." "We have made significant progress in this market by establishing sustainable, industry-first operations that are consistent with our focus on innovation and transformation", Touboul said.Paul-Robert Bouhier, Pernod Ricard's managing director for India, resigned recently after taking the position in January of this year.The distiller, which sells Royal Salute, Glenlivet, and Absolut, considers India to be one of three 'must-win' markets in the world, along with the United States and China. The country has a growing middle class of about 150 million people who can afford premium-and-above beverages, and nearly 17 million people will be added each year for the next three to five years as they reach the legal drinking age.Last week, the world's second largest spirits company announced that it will have to renew its licence in the coming months after the Delhi government rejected its application. The move came after the company was named by investigating agencies in a case of alleged corruption and cartelization linked to Delhi's now-cancelled excise policy. ACE TURTLE, LICENSE OPERATOR OF LEE, WRANGLER RAISES RS.293 CRORE IN SERIES B FUNDINGJEAN TOUBOUL NAMED AS PERNOD RICARD INDIA'S NEW MDIN FOCUSIN FOCUS
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