India’s leading apparel exporter Pearl Global Industries Limited’s wholly owned subsidiary at Hong Kong, namely Pearl Global (HK) Limited, has acquired 52.11 per cent equity capital of Bangladesh-based Alpha Clothing Limited for a consideration of US $ 1.05 million.
This acquisition will be funded through internal accruals.
Alpha Clothing Limited started its operations in 2013 with a modest workforce of 150 people and 100 machines. The company now, with the capacity of 8 million pieces per year, has a workforce of 2,100 people and 1,000 sewing machines.
Pulkit Seth, Group Vice Chairman commented on this development, “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 amongst our existing long-term clients while also delivering a distinct value proposition.”
“Covid-19 has led to a redistribution of global trade shares and recalibration of sourcing partners. China plus one has opened opportunities for garment players across the globe. With the acquisition of Alpha, the production capacity of Pearl Group shall be increased by 8 million pieces per year. Alpha, being Gold Leed Certified facility and approved by our major strategic 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,” said Pallab Banerjee, MD, Pearl Global Industries Limited.
Source : https://in.apparelresources.com/