Lilliput Kidswear

Lilliput Kidswear is an Indian clothing brand that makes clothes specifically for children and is headquartered in New Delhi, India.[1][2]

History

Sanjeev Narula founded Lilliput Kidswear in 2003.[3] Bain Capital Partners invested $60 million into Lilliput Kidswear in May 2010.[4] Two weeks after the IPO of Lilliput, a whistle blower called to inform investment firms that the revenue figures in Lilliput were inflated.[5] Bain Capital Partners sued the audit firm Ernst & Young Global Limited, after the invested in Lilliput kidswear on the advice of the auditing firm. Bain Capital claimed to have incurred a loss of $60 million over the investment.[6] Bain Capital left the company in 2013 according to the CEO of Lilliput Kidswear.[3]

Controversy

Lilliput Kidswear bought clothing worth 5 million dollar from 22 Bangladeshi garment suppliers. They failed to pay, Bangladesh government approached the Indian government over payment. After mediation from Indian Commerce ministerministry, Lilliput Kidswear made partial payments to Bangladeshi suppliers.[7]

gollark: Probably. I may not have copied it *exactly*.
gollark: Oh, that reminds me, it might catch fire, try and avoid that.
gollark: It's very overclocked.
gollark: Yes. I stole it and replaced yours with a raspberry pi in a fancy case.
gollark: I play Minecraft on my laptop's i5-7200U and HD Graphics 620 and it's actually *not* that horrible.

References
  1. Agarwal, Sapna (6 April 2016). "Pantaloons diversifies into children's wear, opens new store". livemint.com/. Retrieved 17 April 2017.
  2. "Lilliput says it’s got an offer from L Capital". livemint.com. Livemint. Retrieved 17 April 2017.
  3. Menon, Bindu D (18 June 2014). "Lilliput wants to make a fresh start; partially repays vendors". The Hindu Business Line. Retrieved 17 April 2017.
  4. PM, Indulal; Aldred, Stephen. "Bain sues EY over $60 mln loss in Lilliput Kidswear". Reuters India. Retrieved 17 April 2017.
  5. Flaherty, Michael; Stephen, Aldred. "Bain, TPG's Lilliput woes a warning on India investing". Reuters India. Retrieved 17 April 2017.
  6. "Bain Cap sues EY over loss in Lilliput Kidswear". The Economic Times. Retrieved 17 April 2017.
  7. Mishra, Asit Ranjan. "Partial repayment by Lilliput defuses Bangladesh tension". livemint.com/. Retrieved 17 April 2017.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.