Suumaya Industries acquires minority stake in 1-India Family Mart owner Nysaa Retail
Ethnic apparel manufacturer Suumaya Industries has acquired a minority stake in the company behind 1-India Family Mart, Nysaa Retail. This gives Suumaya access to 1-India Family Mart’s store network.
In a deal valued at around Rs 5 crore ($752,000), Suumaya Industries has acquired a 1% in 1-India Family Mart. The deal values the retailer at around Rs 500 crore, a source close to the development told ET Bureau.
Suumaya Industries’ garments are expected to become more prominent in the store chain’s product selection following the deal and the business will aid 1-India Family Mart with its private label brand offerings in the ethnic wear segment, according to one of ET Bureau’s sources.
Many of 1-India Family Mart’s stores are located in Tier 3 and 4 towns, catering to a more rural market. The store chain focuses on value products and retails a wide range of ethnic and western wear, accessories, homeware, footwear, and lifestyle products, among others.
1-India Family Mart has backing from private equity firm Carpediem Capital and has a strong presence in India’s rural value-shopping market.
Suumaya is listed on the Bombay Stock Exchange and manufactures women’s ethnic wear for general trade as well as for its own branded outlets.
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