House of Pearl Fashions will acquire 75 per cent stake in Hong Kong-based marketing company, Simple Approach. The acquisition will benefit Pearl Fashions in expanding its customer base into high fashion, mid-market segment.
Simple Approach supplies to mid market retailers in the UK and US. The company is expected to clock revenue of Rs 80 crore in the current financial year. It is expected to grow to Rs 100 crore in 2008-09 and to Rs 200 crore by 2010-11.
Pearl Fashions plans to leverage on Simple Approach's sourcing capabilities to offer wider product range at very competitive prices. This, the company, expects will help achieve 25 per cent annual growth in its business every year for next three years.
Pearl Fashions is looking at entering fashion retailing in India with plans of launching German brand, Lerros.
Source: Economic Times