Welspun on the lookout for a toe-hold in UK, Europe
08 Feb '07
1 min read
To access new customers and markets with ease, Welspun India the textile major is on the look out to acquire a company worth around $50-75 million (Rs 225-337 crore) in UK or Europe.
Last year Welspun had bought 85 percent stake in CHT Holdings, the holding company of UK's largest terry towel brand, Christy for Rs132 crore.
Welspun plans to strenghthen its position further in the European markets and buying out an existing company seems a better option, informed Akhil Jindal, President, Welspun group.
Present negotiations underway are at primary stage, Akhil Jindal said.
Christy is a Rs 300 crore company with 22 standalone stores and has well-established relations with 98 shop-in-shops, which includes Marks & Spencers, House of Frasers, and Debenhams among others.
During past six months, Christy witnessed a 17 percent growth in sales, adding the much needed boost to the Welspun portfolio, said Jindal.
Along with its domestic brand Spaces, Welspun envisages 20 percent of its consolidated sales from branded products in 2007-08.
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