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PEGASUS BLUE STAR FUND COMPLETES INVESTMENT IN BEYOND LUXURY
DEC 22, 2007
NEW DEHLI, India (December 22, 2007) – Pegasus Blue Star Fund is pleased to announce the closing of its investment in Pegasus Beyond Luxury Trading Co. Private Ltd., Sunglass Palace Private Ltd. and Beyond Luxury Watch Boutique Private Ltd., (collectively, “Beyond Luxury”).
Headquartered in New Dehli, India, Beyond Luxury is India’s first retail chain of high-end, luxury watches. Beyond Luxury has a variety of brands and models unmatched by any regional competitor due to its exclusive relationships with manufacturers. It carries best-in class brand names such as Frank Muller, Ulysee Nardin, Corum, Jacob & Co., Rolex and Omega, and has the unique competitive advantage of being India’s first luxury watch retail and distribution platform. In addition, the management team has extensive experience within the Indian luxury watch market, since the beginning of official import of luxury timepieces to India over 10 years ago.
"We have already created significant brand awareness through our three showcase retail stores and we see significant retail growth opportunities in the major cities throughout India," says Arun Malhotra, who founded Beyond Luxury in 2006 and Sunglass Palace Private in 1992, originally a distributor of high-end sunglasses, glasses frames and watches to over 50 stores across India.
"As a result of strong growth and rapidly accumulation of wealth in India, the consumption of luxury goods has fueled local demand for high-end watches,” states Paul Parmar, Chairman of Pegasus Blue Star Fund. Mr. Parmar added “India’s disorganized retail sector and lack of multi-brand, high-end retail infrastructure means Beyond Luxury will cement itself as the market leader in luxury watches.”
Pegasus Blue Star Fund has developed a multi-phase growth plan for Beyond Luxury to target India’s growing affluent consumer market: (1) expanding Beyond Luxury’s retail chains and service centers to major cities throughout India and (2) leveraging off the Beyond Luxury infrastructure to develop a second retail brand that will serve a broader consumer market for imported watches.
About Pegasus Blue Star Fund
Pegasus Blue Star Fund (www.pegasusbluestarfund.com) is a private investment firm that focuses on acquiring and managing a portfolio of small to mid-sized service oriented companies. While maintaining no rigid industry focus, Pegasus Blue Star Fund aims to invest in industries where it has a proven track record, including healthcare, aerospace and defense, media and entertainment and luxury retail. Pegasus Blue Star Fund was founded by Mr. Paul Parmar.
About Beyond Luxury
Pegasus Beyond Luxury Trading Co. Private Ltd., Sunglass Palace Private Ltd. and Beyond Luxury Watch Boutique Private Ltd., (collectively, “Beyond Luxury”), are a wholesaler, a distributor, and through its three existing boutiques in Mumbai, New Delhi and Chennai, a retailer of high-end luxury watches. Beyond Luxury is redesigning the face of luxury retail in India and offers a wide selection of the best watches that the horological world has to offer. (www.beyond-luxury.com)