News Flash

New global denim powerhouse formed

10 Aug '06

3 min read

In a significant development for the global denim market, two global conglomerates – textile and apparel major, Raymond Ltd and European denim major, UCO NV, have come together to form a new global denim powerhouse.

This move heralds a new era in the global denim market with a single entity having manufacturing facilities spread across three continents – the US, Europe and Asia with a combined fabric capacity of 80 million metres per annum and a vast global marketing network.

As per the agreement, Raymond has transferred its denim business to the Joint Venture Company, while UCO NV has transferred its stake in its denim subsidiary located in Belgium, (which holds the denim companies of UCO NV) to the Joint Venture Company.

Raymond UCO Denim
- Merger of two major international denim players
- A denim powerhouse with significant scale of operations – manufacturing facilities spread across three continents – US, Europe & Asia
- Presence in the three dominant denim markets – USA, Europe and Asia
- Combined manufacturing capacity of 80 million meters per annum
- Combined strengths in product innovation and design
- Increased width of merchandise to cater to the global requirements of large international brands
- Synergies in global sourcing of raw material – yarn, cotton, dyes etc.

The JV will be managed by a Board of Directors, which will see equal representation of both the partners on the Board.

Announcing the formation of the Joint Venture, Mr Gautam Singhania, Chairman and Managing Director, Raymond Ltd said, “We are extremely pleased to be part of this new company that will be a major force in the world of denim. This joint venture brings together the experience and expertise of two major denim-manufacturing companies in the world. UCO NV is a world-class company and the most ideal partner to take our denim business to greater heights. At Raymond, we continue to move forward towards taking our business global.”

More Raymond Ltd News... More Fashion News - India...