India's Gokaldas Exports to buy apparel business of Matrix Clothing

The Matrix Clothing group is a manufacturer of high-quality men’s, ladies’, and children’s knitwear apparel for renowned brands with major geographical exposure to Europe, the UK, and North America. The group operates out of Gurgaon, Haryana and has five manufacturing facilities (4 in Gurgaon, Haryana and 1 in Ranchi, Jharkhand).

Through the deal, GEL receives access to the knit apparel business segments, a mutually exclusive global customer base, greater access to European and the UK markets, geographical diversification and low-cost capacity expansion potential in the future.

“We are very excited to welcome Matrix’s leadership team, and their employees to the GEL group. We have always believed in continuously adding production capacity at strategic locations enhancing our value proposition to our valued customers. The acquisition of Matrix is an important step in this direction as it is strategically relevant, possesses a good complementary customer base, operationally strong, and above all, a leader in its own sphere,” said Sivaramakrishnan Ganapathi, vice chairman and managing director of Gokaldas Exports Limited.

For the quarter ended December 31, 2023, GEL reported a consolidated revenue of ₹559.8 crore for the quarter compared to ₹ 528.1 crore in the same quarter of the previous year and a consolidated profit before tax of ₹43.5 crore compared to ₹47.8 crore in the previous year Q3 FY23.

Fibre2Fashion News Desk (RKS)