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Indo Count Industries acquires home textile brand Wamsutta $10.25 million
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
The acquisition also includes associated trademark rights of the brand. In a filing to the stock exchanges, the company said that Indo Count Global Inc completed the acquisition on April 18.
Indo Count Industries on Friday said that its United States-based subsidiary has acquired the global home textile brand Wamsutta from Beyond Inc in an all cash deal of $10.25 million.
The acquisition also includes associated trademark rights of the brand.
In a filing to the stock exchanges, the company said that Indo Count Global Inc completed the acquisition on April 18.
Established in 1846, Wamsutta boasts a rich history in the textile industry and has garnered a reputation as a national brand in North America. With a diverse product line spanning bedding, bath linens, window treatments, and decorative accessories, Wamsutta’s collections are tailored to suit a variety of tastes and interior styles.
The acquisition of Wamsutta aims to bolster Indo Count’s brand lineup, enhancing its offering in the premium market segment, and offering consumers with luxurious home fashion products, the company informed the bourses.
“Wamsutta – with its 178-year brand heritage – resonates strongly in the marketplace. We will explore multiple channels of distribution to reach the core Wamsutta consumer and also introduce an entire new generation to the exceptional quality and luxury of the Wamsutta brand,” said Mohit Jain, Executive Vice Chairman of Indo Count.
Indo Count Industries has emerged as the world’s largest manufacturer of home textile bed linens. Presently, the company boasts an annual capacity of 153 million meters, showcasing its robust manufacturing capabilities.
Shares of Indo Count Industries were trading 0.5% lower at ₹370.45 apiece on the BSE at 10:03 AM.
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