Bengaluru-based cotton fabric manufacturer Hi Fabrique Group on Monday announced the acquisition of the India business of Tessitura Monti Spa, an Italian company engaged in the spinning, weaving and processing of textiles, for an undisclosed amount.
Tessitura Monti India Pvt Ltd (TMIPL), is a wholly-owned subsidiary of Tessitura Monti Spa, Italy, which is globally one of the finest manufacturers of processed luxury and high-value cotton fabric, said a statement.
The deal will help the domestic firm Hi Fabrique (HF) Group, which has a "significant market share" in India's high-value yarn-dyed shirting fabrics market.
According to industry sources, the deal is estimated to be around Rs 205 crore.
International brands like Hugo Boss, Charles Tyrwhitt, Polo Ralph Lauren, Hackett, Prada, Gucci, Thomas Pink, Tailor man and Café Coton etc. are customers of TMIPL.
Besides, TMIPL has a facility at Kolhapur, Maharashtra, which was mainly set up for exports, but it also supplies locally.
"The Kolhapur unit supplies 20 per cent of its production to domestic markets which, in turn, is being used by brands like Blackberry, Zodiac, Raymond's, Louis Phillipe, Van Heusen, Nautica, Calvin Klein, Tommy Hilfiger etc," it said.
Started in 1993 by Jodhraj to cater to garment exporters in Bengaluru, HF Group is India's largest stockist of premium cotton shirting-ready fabric.
It caters to over 500 brands like Louis Phillipe, Van Heusen, Blackberry, Park Avenue, Siyaram, Peter England, US Polo, Arrow, Basics, Pan America, Turtle, French Crown, Hamer cop, Amazon, Myntra, Lifestyle etc.
Jodhraj has been appointed as Chairman of Tessitura Monti India.
He said: "With this acquisition, we will be able to leverage the strengths of both companies to create a more robust and diversified product portfolio. By combining our expertise, resources, and talent, we will be better positioned to meet the evolving needs of our customers and deliver innovative solutions that exceed their expectations."
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
