Pearl Global takes stake in Bangladeshi garment firm Alpha Clothing

Pearl Global Industries, an Indian garment exporter, said that its fully-owned Hong Kong-based subsidiary — Pearl Global (HK) has acquired a 52.11% stake in Alpha Clothing, a Bangladesh-based apparel manufacturer, for $1.05 million.

Pearl Global (HK) has acquired 9,00,860 equity shares in Alpha Clothing in this connection with the funding made through internal accruals.

Pulkit Seth — Group Vice Chairman of Pearl Global Industries 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.”

Alpha Clothing began its operations in 2013. Presently, the Bangladeshi clothing manufacturer has 2,100 employees, 1,000 sewing machines, and a capacity of producing eight million pieces per annum.

Pallab Banerjee — Managing Director of Pearl Global Industries 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.”

Related Posts

CATEGORIES
TAGS
Share This