The founders of Indian footwear and apparel brand RedTape are exploring the sale of a majority or full stake in the business at a valuation of up to $510m, according to Reuters.

The family has appointed Ernst & Young to advise on the process and has approached private equity firms including Blackstone and KKR to assess investor interest.

RedTape operates more than 600 stores across India and sells footwear and apparel in 14 international markets. The company generated revenue of about $224m in the most recent financial year, although profit declined due to rising costs.

Sources said the founders are seeking non-binding offers and have not yet decided whether to sell a controlling stake or a minority position. The process reflects continued private equity interest in Indian consumer brands with national scale, even as discretionary spending comes under pressure.

India has remained one of the most active consumer markets for private equity in Asia, supported by rising incomes, urbanisation, and domestic consumption growth.

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