American businessman has announced his intention to
invest $5 million in an Indian fashion brand, said to
be the highest investment in an Indian brand, and another
$20 million to set up exclusive boutiques for the brand.
businessman, Michael LaCasella, who was earlier involved
in helping a start-up BPO in India, is investing his
money this time in a new Delhi-based design label Huit
Angles, which opened shop in February 2006. Owned by
its creative director Sunny Mishra and, president Kapil
Modi, Huit Angles has a presence in Los Angeles and
who has held senior management positions with leading
US corporations, such as FileNet, the largest global
ECM solution provider, and Earthlink, a leading US ISP,
was involved in establishing international customer
support centres across Europe and Asia.
initial $5 million investment will be made in Huit Angles
Inc, USA, 80 per cent of which will be owned by Mishra
and Modi, and the remaining 20 per cent (with an option
to increase up to 50 per cent) will be owned by LaCasella.
This investment will be used exclusively to market the
brand internationally. The cost of production of the
collection will be borne by Huit Angles, India, in which
LaCasella has no stake. An additional $20 million has
been earmarked for establishing Huit Angles boutiques
in the major fashion capitals from 2009 onwards.
just fell in our laps with no effort on our part,"
said Modi. "We had no idea about LaCasella's interest
in us till we received his offer," he adds. It
seems LaCasella, a veteran of the Vietnam War who made
his fortune through real estate investments, learnt
about the Huit Angles creations from some Hollywood
friends, who are often paid by the top European designers
to wear their garments at events such as the Oscars,
are in awe of Sunny's creations," says LaCasella.
"He is truly an out of the box thinker and designer.
In the West, we worship originality for us, a
great copy is always a copy. Armani is who he is because
of he never wanted to be a Versace, and vice versa."
in the East, the Buddha and Mahavira walked their individual
paths. Sunny and Kapil have the same trait of walking
the path less traveled, which is why I'm confident that
Huit Angles, in times to come, will be a name to be
reckoned with," LaCasella explains his decision
to invest in the label.
a graduate of NIFT Delhi, described Huit Angles as having
been created to "give a Western, contemporary twist
to the traditional wardrobe of the Indian woman who
wants stand out in the crowd."