A garment manufacturer from Tirupur has procured controlling stakes in a leisurewear brand from Swiss, the brand that it sourced for over 20 years.
Prem Durai Exports Private Limited, the export arm of PGC Industries and Group, Tirupur, has purchased controlling stakes in Swiss based leisurewear group, Switcher Holdings, which comprises of brands like Switcher, Respect and Whale.
The company announced to a press conference that, the acquisition would give rise to a situation beneficial for both the parties. The acquisition would earn PGC an assured foothold in the European markets including Germany, Switzerland and Austria, and it would benefit Switcher Group, as cost in terms of various activities like warehousing, IT, logistics, product design and development would come down.
D Prem, Chairman, PGC Industries and Group, added that, the alliance between the two enterprises relates back to over 20 years.
As per the company beliefs, Aadith D Vikram, Vice-Chairman and Managing Director of PGC said, it was an appropriate time for them to buy stake in Switcher Global, as Switcher is an eminent player having footprints in Germany, France, Austria, Portugal and other European markets and this would substantially boost up their client base.
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