Dubai-based fashion and lifestyle retailer Apparel Group is exploring an initial public offering (IPO) for its Indian subsidiary in Mumbai, according to people familiar with the matter. The company operates over 300 stores across more than 50 cities and manages brands including Victoria’s Secret, Aldo, Crocs, Charles & Keith, Tim Hortons, and Dolce & Gabbana Beauty. Preliminary talks have been held with bankers, with appointments expected soon and a potential listing later this year or in early 2027. Deliberations are ongoing. Apparel Group did not immediately respond to a request for comment.

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