Indo Count Industries acquires 82.5% stake in ICRVL
The Dollar Business Bureau
India-based home textile firm Indo Count Industries has acquired 82.5% stake in Indo Count Retail Ventures Pvt Ltd (ICRVPL) from its Promoter Anil Kumar Jain. With this, ICRVPL has become a subsidiary of Indo Count Industries, the company said in a statement on Wednesday.
Indo Count Industries is the second largest exporter of bed sheets, bed linen and quilts in the country, as per Cotton Textiles Export Promotion Council (TEXPROCIL). The company is one among the top three bed sheet suppliers to the US.
It manufactures products for several international brands including Debenhams, Bed Bath & Beyond, Sam’s Club, Laura Ashley, JC Penny, John Lewis, Walmart, Target and Macy’s. It has a production capacity of 90 million meters at its Kolhapur manufacturing facility in Maharashtra. It is likely to spend $40 million by 2018 to expand its capacity to 120 million meters by 2020.
The Mumbai-headquartered textile manufacturer supplies quality home textile products to the consumers in the global market. ICRVPL is incorporated in February this year for the retail business of home textiles. It has launched home textile brand - ‘Boutique Living’ to cater bed linen products in the domestic market.
According to Indo Count Managing Director Mohit Jain, bed linen is a Rs.13000-crore market in the country. The company was mostly an export oriented textile manufacturer. Having 32 product patents, it is currently exporting the products to more than 54 countries. It has committed an investment of Rs.25 crore to strengthen its domestic sales network and logistics.
The company is targeting to capture around 25% share of the bed linen market in the next five years. It is looking to achieve 15-20% y-o-y growth in the domestic market, ICVRL Managing Director Asim Dalal said.
ICVRL is planning to place their products in more than 200 outlets in the next one year, out of which 35-40 outlets will be in AP and Telangana. It further intends to reach 500-600 outlets in the next five years, he said.
Boutique Living will be available at more than 100 multi-brand outlets across Karnataka, Tamil Naidu, AP, Telangana and Kerala by the end of this year.
