Donear Group on Tuesday announced the acquisition of Mayur Fabrics and PV Suiting Global distribution network from RSWM, in a move to solidify its comprehensive product basket and global augmented geographical footprint.
The textile firm, however, did not disclose the terms of the transaction.
This acquisition, which is the third by the group in the last three years, will help Donear in scaling up the Mayur brand exponentially by focusing on the group’s inherent strength of manufacturing and distribution of premium quality branded fabrics, said a release.
Besides, the brand’s strong presence in the institutional and uniform supplies will complement Donear Group’s agile manufacturing facilities and robust distribution network, the release said.
Moreover, PV Suiting distribution network from RSWM’s presence in overseas markets will help expand the proportionate market share of Donear as a group, it said.
PV Suiting distribution network from RSWM has achieved long strides in the UK and Middle East which will serve as catalysts for the group to have a strong foothold in these regions, it added.
“We are delighted to announce the acquisition of Mayur Fabrics and PV Suiting distribution network from RSWM. It is… inspirational for us to focus on our own businesses — yarn and fabrics, respectively,” said Rahul Rajendra Agarwal, Director, Donear Group.
“We find ourselves committed to construct further on Mayur brand and make it an integral brand of Donear Group and strive to take it to the next level of success,” he said.
Agarwal said that the group aims to grow from strength to strength with Mayur and PV Suiting Distribution Network on its side, adding, “this highly scalable and sustainable infusion will serve as our next giant growth engine to further enrich our portfolio and expand the market share of branded fabrics offering.”
Apart from being a wide presence in India, Donear has a strong presence in over 30 countries as well.
With a comprehensive product basket, the company supplies fabrics to largest domestic brands such Louis Phillipe, Van Heusen, Peter England, Blackberry, Arvind, Wills Lifestyle, Future Group, among others.
In the retail market, it has a strong network of over 265 stores, marketing textiles under the D’Cot & Donear NXG brands with positive cash flow.
“We have given ourselves a vision of sustained growth and we are working towards it as a team and as a family” said Rajendra Agarwal, Promoter and Managing Director, Donear Group.
The group has a great share in the market having other brands like GRADO & OCM working under it, said Ajay Agarwal, Executive Director, adding that “having Mayur Fabrics and PV Suiting distribution network, will project us as a textile and apparel titan, empowering our clientele as well as retailers’ network.“
“The addition of Mayur and PV Suiting Distribution Network is driven by our desire to expand our business both pan India as well as in global markets. After Mayur’s infusion in our group, we are expecting enhancements in the existing distribution chain and market value of our conglomerate,” he said.
“Mayur Brand is now a part of Donear Group. We could not have found a better organisation than Donear to pass on our legacy to. I am very happy with this transition,” said Riju Jhunjhunwala, Managing Director and CEO, RSWM.
The group said it continues to scout for larger addressable markets with additional product categories.