RedTape Founders Explore Sale of Majority Stake to Blackstone, KKR

Indian footwear firm RedTape is exploring proposals from private equity firms Blackstone and KKR as its founders look to sell a majority stake or their entire holding worth nearly $510 million. The Mirza family has appointed global consultancy Ernst and Young as the exclusive financial adviser for the divestment. RedTape competes with global players such as Nike, Adidas, and Bata India in a sector expected to grow 11% annually to $21 billion by 2028.