Pepe Jeans to exit India joint venture with stake sale to GOAT Brands
Pepe Jeans has decided to exit its 50:50 joint venture, Pepe Jeans Innerfashion, in India with Dollar Industries Ltd, by selling its stake to GOAT Brands Ltd.
Pepe Jeans Innerfashion had offered Dollar to buyout Pepe’s entire stake in accordance with the clause dealing with Right of First Offer (ROFO) in the said JV agreement. However, the latter renounced the ROFO and has agreed to the transfer of shares held by Pepe to GOAT Brand Labs.
Accordingly, the existing JV agreement between Pepe and Dollar would stand terminated on transfer of shares by Pepe to GOAT.
“Due to the proposed sale of its stake by Pepe to GOAT, Dollar would be entering into new JV agreement with GOAT. The existing license agreement of the JV Company with Pepe Hungry KFT for use of their trademark ‘Pepe Jeans/Pepe Jeans London’ would continue to be used by the JV Company on such revised terms and conditions as may be agreed on between the JV Company and Pepe,” Dollar Industries said in a stock exchange filing.
GOAT, which stands for Greatest Of All Time, was started by Rishi Vasudev, along with Rameswar Misra. It is modelled on the Boston-based e-commerce start-up Thrasio which acquires small merchants and brands on leading e-commerce platforms and helps grow their business.
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