Himatsingka picks 70% in Italian co; to set up new facility

By Staff
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Google Oneindia News

New Delhi, Jan 29 (UNI) Silk fabric maker Himatsingka Seide Ltd today said it will acquire 70 per cent equity stake in Giuseppe Bellora SpA, Italy, a pan European luxury brand in the bed linen segment, even as it is investing Rs 400 crore for setting up a manufacturing facility in Karnataka.

This acquisition is in line with the company's strategy to acquire high end distribution networks in the global home textile segment and is expected to be completed in February this year, a statement said.

According to sources, Himatsingka will have to pay about Rs 130-170 crore for the stake and is eyeing more buyouts in the future for expanding into a global retail chain.

Trial production of the integrated bed linen facility at a special economic zone in Hassan, Karnataka, is likely to commence next month followed by commercial production.

Apart from exclusive stores in Italy and other parts of Europe such as Spain, Portugal, Switzerland, Germany and France, the brand has a presence in up-market departmental stores like Harrods, London, La Rinascente, Milan, Bonne Marche, Paris, among several others.

Bellora generated revenues of about 29 million dollars during 2006.

UNI

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