Suumaya Industries Ltd. an emerging diversified conglomerate group, through its 100% fully-owned subsidiary Suumaya Retail Ltd. has acquired a minority stake in the value retail chain startup Nysaa Retail Private Limited, which operates stores under the brand name 1-India Family Mart. This investment will enable Suumaya Industries to strengthen its foothold in the women’s ethnic wear segment in the smaller towns along with value retailing of men’s and kid’s wear in BCD towns or rural India, the two companies said in a joint statement today. By gaining access to 100 + retail stores of 1-India Family Mart, this strategic partnership will help Suumaya Industries Ltd. increase its geographical footprint in tier-2, tier-3 and tier-4 towns in India.
Ushik Gala, Chairman & Managing Director of Suumaya Industries Limited commented on this matter, “Suumaya Industries (erstwhile Suumaya Lifestyle) has over three decades of experience in the textile industry and has well positioned itself as a highly creative brand for exquisite fashion and world’s finest collection of Indo-Western Designer Kurtis for women. This collaboration will build on each other’s synergy and make us more competitive in the industry. The 1-India Family Mart founders have more than 2 decades of rich experience in the retail industry and have seen the entire retail cycle. The investment paves the way for the potential of a wider strategic alliance between Suumaya & 1-India Family Mart. This acquisition offers the opportunity to work with them to reimagine the retail partnership and allows us to create newness and excitement for this dynamic customer segment. While it will give us an edge in the women’s ethnic wear category, it will also fulfil large part of garmenting requirements of Nysaa Retail.”
India retail is valued at INR 51 trillion in 2019, growing at a CAGR of 9 – 11%. An increase in the market share of value e-retailers has demonstrated better profitability and value creation within the Indian retail landscape. Value retail constitutes 60% of the overall apparel retail market. Growth in value retail is primarily driven by organised value retail.