RedTape
Investors in shock! RedTape’s $510 million empire sparks wild stock rollercoaster
Mumbai/IBNS: The share prices of RedTape Ltd. fell over 7% on Wednesday, marking losses in four of the last five trading sessions, media reports said.
The stock had surged 16% on Tuesday after Reuters reported that the Indian footwear brand is seeking interest from Blackstone and KKR to sell a majority stake or its entire holding, estimated at $510 million.
The gains were later revised, with the stock closing 11% higher on Tuesday.
RedTape, established in 1996, is one of the earliest Indian brands to enter the premium fashion footwear segment, both domestically and globally.
It is part of the legacy of Mirza International Ltd, a major Indian leather and footwear maker with roots in the tannery business in Kanpur and Noida.
The brand operates hundreds of exclusive stores across India and sells products in several international markets, including the UK, US, Australia, UAE, and parts of Europe and West Asia.
Historically, RedTape was among the first Indian footwear brands to venture into international markets soon after its launch.
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