Pearl Global Industries acquires Alpha Clothing through its wholly owned Hong Kong subsidiary

Pearl Global Industries Limited, one of India’s largest apparel exporters, has announced that its wholly owned subsidiary in Hong Kong, namely Pearl Global (HK) Limited, has acquired 9,00,860 shares representing 52.11 % of the share capital of Alpha Clothing Limited, based in Bangladesh, for a consideration of $1.05 million on April 21, 2022. This acquisition will be financed by internal provisions.

According to the filing, Alpha Clothing Limited (Alpha) began operations in 2013 with a modest workforce of 150 people and 100 machines. With efficient production processes, it has currently reached a workforce of 2,100 people, 1,000 sewing machines and a capacity of 8 million pieces per year. Alpha was among the facilities approved for outsourcing.

Commenting on the above, Group Vice Chairman Pulkit Seth said, “We are seeing healthy traction in the global apparel market, and we believe the acquisition of Alpha will further drive the growth of the business. ‘business. This will allow us to expand our share of wallet among our existing long-term customers while delivering a distinct value proposition. »

Commenting on the above, Pallab Banerjee, Managing Director of Pearl Global Industries Limited, said: “Covid‐19 has led to a redistribution of global trade shares and a recalibration of sourcing partners. China plus one has opened up opportunities for apparel players around the world. With the acquisition of Alpha, Pearl Group’s production capacity will be increased by 8 million pieces. per year.

Alpha, being a Gold Leed certified facility and endorsed by our key strategic buyers, will help us further strengthen our manufacturing presence in the Bangladesh market and fuel additional growth through new customer acquisition and additional demand from the from existing customers.

Pearl Global Industries finished at Rs470 up Rs5.95 or 1.28% on BSE.