Alok Industries Limited has entered into a multi-year license agreement with New York-headquartered AISLE 5 for its portfolio of lifestyle brands ‘aworld’ and ‘Cotton + Clay’.
Under the agreement, Alok Industries will manufacture and distribute bathing, sleeping, dining and home décor textile products through supermarket retail stores in the United States and Canada.
Alok Jiwrajka, head of home textiles at Alok Industries, stated, “This is a very unique opportunity for us to participate in the establishment of a new and large under-served channel of distribution for our products.”
David Fergusson, CEO of AISLE 5, said, “Alok is exceptionally well suited to deliver home textile products of quality and value for the AISLE 5 brands. Their expertise in fabric development and experience in designing and producing ‘best in class’ products for leading US retailers and brand owners made them an obvious choice as our exclusive home textile product licensee and supplier partner.”
Announcing its results for Q1FY08, Alok Industries has reported a 104.35 per cent rise in net profit at Rs 55.01 crore, as compared to Rs 26.92 crore in the corresponding quarter previous year. This is inclusive of “other income” that includes forex gain of Rs 39.55 crore. The net profit excluding “other income” grew by 1.93 per cent to Rs 27.44 crore, as compared to the corresponding quarter of the previous year.
Net sales rose 17.06 per cent to Rs 418.90 crore compared to Rs 357.86 crore during the same quarter previous year. Exports sales during the quarter grew by 85.35 per cent to Rs 187.61 crore, from Rs 101.22 crore during the corresponding quarter last year.
– Mumbai Bureau