New Delhi, Apr 19 (PTI) Home textiles manufacturer Indo Count Industries on Friday announced the acquisition of US-based home fashions brand Wamsutta from Beyond for around Rs 86 crore.
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This acquisition, which closed on April 18, strengthens Indo Count’s brand portfolio, and elevates its position in the premium market segment, the company said in an exchange filing.
Wamsutta is a home fashion brand offering bed, bath and other home fashion products.
The company acquired a 100 per cent stake in the 178-year old brand from NYSE-listed Beyond in a cash deal of USD 10.25 million (around Rs 86 crore), the filing said.
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"WAMSUTTA’s brand equity, combined with Indo Count's global reach will catapult the brand to new heights and represents a significant milestone towards our expansion strategy," Indo Count Executive Vice Chairman Mohit Jain said.
Indo Count is a global home textiles bed linen manufacturer and exporter from India.
Indo Count shares rose by 1.14 per cent to close at Rs 376.55 on BSE. PTI KKS MR
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