BlueGem LLP acquires yarn manufacturer Sirdar

Sirdar, DMC and Wool and the Gang will together form a new DMC Group, formerly known as Crafts Group Holding. The latter two companies were acquired by BlueGem in August 2016.

"We are delighted that Sirdar is joining DMC and Wool and the Gang. Together these three companies will form the DMC Group, which we want to become the world's foremost platform in the needlecraft space. DMC Group intends to be the global consolidator within the needlecraft industry, aiming to synergise the best companies operating worldwide in the category. As such, we are actively looking for further acquisitions," said Massimo Saracchi, group executive chairman of DMC Group.

"Increasing numbers of people now detox from digital activity through knitting and needlework - activities which tap seamlessly into the normalised behaviour for people to 'share' their creations on social media. The growing trend of 'Craft DIY' to monogram and customise clothing and accessories has led to a resurgence of embroidery and needlework. These are global trends happening right across the world, from London, Paris and New York to Tokyo, Nigeria and the UAE. It is a huge and growing market, and we believe that with Sirdar, DMC and Wool and the Gang, we have created the leading platform for our customers," added Saracchi.

"We have built a highly talented management team, with superb experience in e-commerce and digitalisation, product design, social activities and global commercialisation. We will leverage these skills to transform and modernise DMC and Sirdar to better reach consumers globally. DMC and Sirdar have a phenomenal history and heritage – these are companies which are over 270 and 137 years old respectively, and offer some of the highest quality products in their industries. We are very excited about the opportunities for this enlarged Group," Saracchi concluded.

There are compelling synergies to having the three companies together. Since the acquisitions in 2016, Wool and The Gang has reinforced DMC's footprint in knitting and transformed its digital platform, whilst Wool and the Gang has leveraged off the synergies of DMC and benefitted from its product offering and distribution channels and networks globally.

BlueGem Capital Partners LLP owns 100 per cent of Sirdar, DMC and Wool and the Gang. Prior to the Sirdar acquisition, approximately 50 per cent of DMC Group's sales came from Europe, 35 per cent from the US and 15 per cent from Asia. It has a production facility in Mulhouse, commercial and logistic centres in France, the UK, the US, Singapore and Japan, and commercial offices in Spain and Italy. (KD)

Fibre2Fashion News Desk – India