Hidesign CEO Kunal Sachdev quits

BANGALORE: Kunal R Sachdev, who was instrumental in building the Hidesign leather brand and played a key role in taking it international, has quit as CEO to set up his own venture in the retail space.
    
Sachdev, who left Hidesign two days ago, is currently in talks with venture capitalists for raising funds to float the retail start-up with some of his like-minded past associates and old friends in the field of retail, branding and design.
    
"I am looking at raising USD 3.5 million (from venture capitalists)", he said here. "we might require a USD five million debt component coming in the third year (of operations) which we would retire by the fifth year".
    
Agreement with venture capitalists is expected in the third or fourth week of this month, Sachdev, who has two decades experience in retails, marketing and communication, said.
    
Promoters of the proposed start-up would hold 65 per cent equity, with the remaining to be picked up by the VCs. The proposed venture would be based out of Bangalore and the business would have local, national and international presence.
    
Sachdev had two four year stints with Hidesign -- from 1996 to 2000; and from 2004 to 2008.
    
Hidesign brand was born in Puducherry (Pondicherry then) in 1978 as a one man artisan workshop by Dilip Kapur. It  has 46 stores in India and 15 overseas. Hidesign has tanneries near Chennai and manufacturing facilities in Puducherry. It has brand presence in some of the best retail shelves worldwide.
    
Sachdev said the "context was right" for him to leave Hidesign, noting that "everthing seemed to be falling in place of Hidesign, which is now poised for its next level of growth with a strengthened core team and Kapur's younger son Vikas expected to take charge from early next year".
    
He said starting a venture on his own is something he wanted to do for a long time. "And I think the timing is right. Real estate market seems to be settling down a bit. It's good time to begin a business. Because when the market rises again, you are poised well to take advantage of the situation".