Advent International the leading
US-based private equity investor, has acquired Dixcy Textiles Pvt. Ltd, the
South Indian firm which sells leading innerwear brand Dixcy Scott.
The transaction is Advent’s fourth
investment in India since 2015 following its purchase of equity stakes in
Crompton Greaves Consumer Electricals, QuEST Global Services and ASK Group.
Dixcy Scott, endorsed by Bollywood star Salman Khan, competes with Page
Industries Ltd, the licensee for the Jockey brand in India; Rupa and Co. Ltd,
the owner of MacroMan, Frontline and Euro brands; Lux Industries Ltd, the owner
of the Lux Cozi brand; and Dollar Industries Ltd, which sells brands such as
Bigboss and Club in India.
Founded in 1982, Tirupur-based
Dixcy is the exclusive manufacturer and marketer of several leading innerwear
brands, including Dixcy Scott, Dixcy Scott UNO, Dixcy Josh and Dixcy &
Slimz. The company also sells a premium range of products including casual wear
such as track pants, shorts and polo t-shirts. Additionally, Dixcy has begun to
expand internationally by placing its products in stores across the Middle East
and Singapore, stated the company release. The company employs over 3,500
people and generated sales of Rs780 crore ($120 million) in fiscal year 2017.
The Indian underwear market is
currently estimated at Rs24,000 crore and the segment has grown at 15% over
2010-15, according to a 2016 report by Intimate Apparel Association of India
and Wazir Advisors. The underwear market is estimated to continue at the same
growth rate over the next five years and is expected to become a Rs47,000 crore
market, which is nearly 8% of the total estimated apparel market, by 2020, said
the report.
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