Pearl Global Industries Limited, one of India’s largest garment exporters has announced that its wholly owned subsidiary at Hong Kong namely, Pearl Global (HK) Limited has acquired 9,00,860 equity shares representing 52.11% equity capital of Bangladesh based, Alpha Clothing Limited for a consideration of USD 1.05 million on 21st April, 2022. This acquisition will be funded through internal accruals.
Alpha Clothing Limited (Alpha) commenced its operations in the year 2013 with a modest workforce of 150 people and 100 machines. With efficient production processes, it has currently grown to a workforce of 2,100 people, 1,000 sewing machines, and a capacity of 8 million pieces a year. Alpha was a part of the approved facilities for outsourcing.
Commenting on the above, Group Vice Chairman, Mr. Pulkit Seth said: “We are witnessing healthy traction in the global apparel market, and we believe that Alpha’s acquisition will further drive growth for the company. This will allow us to expand our wallet share among our existing long‐term clients while also delivering a distinct value proposition.”
Commenting on the above, Mr. Pallab Banerjee, Managing Director, Pearl Global Industries Limited said: “Covid‐19 has led to redistribution of global trade shares and recalibration of sourcing partners. China plus one has opened opportunity for garment players across the globe. With the acquisition of Alpha, production capacity of Pearl Group shall be increased by 8 million pcs. per year. Alpha, being Gold Leed Certified facility and approved by our majorstrategic buyers, will help us to further strengthen our manufacturing presence in Bangladesh market and fuel incremental growth through new customer acquisition and additional demand from existing customers.”
Established in 1989, Pearl Global Industries Limited (PGIL) is one of India’s largest listed garment exporters, manufacturing from multiple sourcing regions within India and countries within South Asia. A preferred long‐term vendor to most leading global brands, company is amongst the leading player in textile Industry. The mainstay business is to create value from competitively manufacturing and exporting fashion garmentsto leading global brands. Product range includes knits, woven and bottoms (basic and complex designs) across men, women and kids wear segments. Company has a well‐diversified and de‐risked manufacturing base with 22 manufacturing units spread across India, Indonesia, Bangladesh, and Vietnam. PGIL has a total capacity to manufacture around 75 million units per year (including own and outsourced facilities) Company revenue structure is primarily export based, with a major contribution coming from exports to the United States. Exports contribute more than 95% to the company’stopline. PGIL providestotalsupply chain solutionsto customers‐value retailers and high‐end fashion brand retails in the United States and Europe. Business model enables them to offer superior quality products across various countries, catering to all kinds of consumers. Key Global clientele include GAP, Banana Republic, Kohl’s, Macy, Walmart, Target Australia, Inditex, Ralph Lauren, Next, Tom Tailor, Old Navy, Muji, Tommy Hilfiger, Belk & Loft among others.