India's House of Pearl Fashions Ltd said it has bought a 50 pct stake in UK-based marketing company FX Imports Ltd, through its Poeticgem unit, to gain customer base in the high fashion mid-market segment.
The financial details of the deal were not disclosed.
The acquisition will be funded through internal accruals and the company has an option to buy the remaining 50 pct stake in FX Import over the next five years.
FX Imports reported revenues of 800 mln rupees in the previous fiscal year and is aiming at annual revenues of 2 bln rupees in three years, the ready-to-wear apparel manufacturing company said in a statement.
House of Pearl recently tied-up with European marquee brand Lerros to set up a retail chain in India, and is on the lookout to acquire retail and distribution firms in the US and Europe.(Forbes)