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Garment Mantra acquires 74% stake Twenty Twenty Trading

07
Jan '21
Pic: Garment Mantra Lifestyle
Pic: Garment Mantra Lifestyle
Garment Mantra Lifestyle Ltd, an Indian garment manufacturer, has announced that the company has successfully acquired 74 per cent stake in Twenty Twenty Trading LLP, which operates the value retailing brand Price Mantra. The company has taken steps to consolidate its group structure in its effort to maximise the benefits of an integrated textile player.
 
As a step in that direction, earlier Garment Mantra had already acquired stake of 83.80 per cent in Jannat Fabrics and Apparels Private Limited. 
 
The management is in the process of making both the group companies as a wholly owned subsidiaries and fully integrate the group operations in future. The acquired entity is having a unique retail model through the brand ‘Price Mantra’, whereby they source the branded products especially garments and fashion accessories at a steep and huge discount to the MRP. This unique model is likely to be a major growth driver as well as margin accretive for the company. Moreover, Garment Mantra has now widened its product categories from garment to more varied product range like electronics, home appliances, fashion accessories, etc in its portfolio. Recently, the company has entered into its first bulk order purchase worth of Rs 110 million, at a steep and huge discount to its MRP.
 
“We at Garment Mantra are delighted to update our stakeholders about the acquisition of majority holding in Twenty Twenty Trading LLP Price Mantra. This will strengthen our entire envisioned integrated model. With a vision to meet the brand aspirations of the mass Indian population, we have taken steps to emerge as one of the only organised player into the value retailing. The essence of this retail business is based on our capability of sourcing bulk at a steep discount to MRP. Subsequently, we would be able to offer these products at highly competitive prices to our customers,” Prem Aggarwal, chairman & managing director, said in a press release.
 
“We have widened our product portfolio from garments to electronics, home appliances and fashion accessories, which would help us to earn customer loyalty. We are expecting to make both the group companies as a wholly owned subsidiary in next few months. We are confident to derive substantial benefits from these acquisitions and register improved performance going forward,” Aggarwal said.

Fibre2Fashion News Desk (JL)


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