Apparel maker and exporter, House of Pearl Fashions, signed a memorandum of understanding (MoU) to acquire 75% stake in the Hong Kong-based marketing company, Simple Approach.
The acquisition will benefit the company in expanding its customer base into high fashion mid market segment.
Simple Approach caters to the value and mid-market retailers in the UK and the USA.
The company is expected to clock revenues of Rs 800 million in the current financial year. Its revenues are likely to grow to Rs 1,000 million in the FY 2008-09 and to Rs 2,000 million by FY 2010-11.
Shares of the company gained Rs 19.7, or 6.95%, to trade at Rs 303.25. The total volume of shares traded was 44,926 at the BSE. (1.25 p.m., Monday)
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