Advent International merges Dixcy, Gokaldas to create Modenik Lifestyle
Private equity (PE) firm Advent International has merged its portfolio companies Dixcy Textiles and Gokaldas Intimatewear to form Modenik Lifestyle.
With the merger, Modenik will manufacture inner-wear and casual clothing for men and women under the Dixcy and Enamor brands.
“Merging of the two companies into one provides us an opportunity to provide essential clothing to the consumer in both men and women categories, across the price segments—economy, mainstream, semi-premium, premium,” said Sunil Sethi executive chairman of Modenik Lifestyle Pvt Ltd.
“Going forward, in the next two and a half years, we are planning to double our direct coverage. To go up from 60,000 stores to about 100,000 stores (directly). We are planning to cover 2,00,000 plus towns directly and then let the balance flow through the wholesale trade,” he added.
Modenik will focus on its brands Dixcy Scott Originals, Dixcy Scott Maximus, Josh by Dixcy Scott, Slimz and Enamor. It aims to double its revenue over the next three years.
Apart from these five brands, Modenik has an exclusive licensing agreement with Levi’s to manufacture and distribute in India.
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