In August, the company announced its new outlet at Pune International Airport's new terminal. (Credit: Da Mllano/Instagram)

The promoter family of Da Milano Italia, an affordable luxury leather brand, is looking to sell a significant stake in the company at Rs 1,500 crore valuation, The Economic Times reported on Thursday. The company is willing to dilute either a minority or majority stake based on valuation negotiations.

Promoters Surinder Malik, Sahil Malik, and Salil Malik have engaged consulting firm PwC India for the sale mandate. According to the report, both strategic investors and private equity firms have expressed interest in the stake of the company.

Da Milano was established in 1989 by Surinder Malik. Set up as a leather product exporting firm, the brand has expanded to sell leather accessories through 79 exclusive stores, including 18 airport outlets.

In the financial year 2022-23, the company generated Rs 233 crore in revenue. Its profit for the period stood at Rs 39.4 crore.

Da Milano Italia operates in the affordable luxury segment. Its products include ladies' bags priced between Rs 6,000 and Rs 15,000, while men’s computer bags and luggage range from Rs 8,000 to Rs 28,000.

In August, the company announced its new outlet at Pune International Airport's new terminal. Da Milano sells three brands – Da Milano, Rosso Brunello and Wooba. Sahil Malik is credited with establishing Da Milano as a global brand for quality leather goods.

The company’s two manufacturing facilities are located in Himachal Pradesh. To maintain relevance and customer loyalty, the company provides incentives such as a lifetime service warranty for manufacturing defects. Besides India, the company has established multiple stores in Dubai and other cities as part of its international presence.