PDS Multinational Fashions business Technocian Fashions to acquire S.O.T. Garments India
PDS Multinational Fashions business Techno Design’s associated company Technocian Fashions plans to acquire German fashion business s.Oliver Group’s S.O.T. Garments India through a share purchase agreement.
As part of the deal, Technocian Fashions will also take over the responsibility of all the employees and contracts of S.O.T. Garments India, ET Retail reported. Technocian Fashions will exclusively source textiles in India and Sri Lanka for the s.Oliver Group fashion retail business.
“India is one of the key sourcing locations for PDS for serving its customers across the global apparel and fashion industry,” said PDS Multinational Fashions’ vice chairman Pallak Seth, ET Bureau reported. “PDS continues to further augment its presence in this region. Through this strategic partnership, PDS will further strengthen its existing sourcing from India and leverage the capacities and capabilities of Indian apparel manufacturers to seamlessly service global brands.”
This partnership between the two businesses could amount to a Rs 375 crore ($56.4 million) sourcing opportunity, according to their joint media release. It will also enable s.Oliver Group to tap into India’s wide availability of raw materials and skilled workforce.
“India is an important sourcing destination and through this partnership with Techno Design we truly aim to strengthen our sourcing from India and fully leverage the potential of the market,” said Oliver Hein, COO for s.Oliver Group.
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