Tirupur-based Prem Durai Exports Pvt Ltd has acquired 51% stake in a Swiss leisurewear Switcher Holdings SA.

Acquisition will help Prem Durai Exports to expand its footprint in the European markets.

Switchgear Group would gain from lower costs in various activities such as warehousing, IT, logistics, product design and development.

Transaction Reference: HBL

Prem Durai Exports is the export arm of PGC Industries and Group.

PGC Industries and Group has several verticals like Garment Manufacturing (Classic Spinning, Prem Durai Spinning, Prem Dyeing Works, Prem Durai Exports), Retailing (Switcher Group in Europe & India, T-Mart India, Respect India, BelInd Belgium) & IT Division (PGC Infotech, Panisms.in, whereismyboss.com).

Switcher Holdings SA which own brands such as Switcher, Respect and Whale has its presences in Switzerland, Germany, France, Austria, and Portugal and in other European countries. Being a Swiss brand, Switcher sells approximately 7 Million garments in Switzerland alone and has a brand recall of 92% population of Switzerland. It has more than 360 Stores , Corners & Centres and Over 1150 Corporate Clients in Switzerland & Europe.

PCG has been manufacturer for Switcher for more than two decades. Under a 55:45 retail partnership entered into by Switcher and PGC seven years ago, the brand was being retailed in India through PGC’s T-Mart stores.

Under an exclusive manufacturing arrangement, Prem Durai Exports has been handling 55% of Switcher’s production in terms of volume and 40% in value terms. Prem Durai Exports has been manufacturing more than 40 lakh pieces for Switcher every year. Post-acquisition, it will handle 75% of the production in value term.

In the textile space, there has been some M & A deals in the last few months. Priyadarshini Spinning Mills sold its garment unit APPARELONE to Marigold Landmark Estate for Rs.10.6 Cr, Nakoda Ltd bought a polyster plant for for $40 Mn from South Korean firm Kyunghan Industry Company and others.

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