Advent International, a global private equity firm, has announced the completion of the merger of its portfolio companies Dixcy Textiles Pvt. Ltd and Gokaldas Intimatewear Pvt. Ltd, the parent company of brand Enamor, to create a new entity – Modenik Lifestyle Pvt Ltd. – headquartered in Bengaluru.
“The merger of two well-established brands, Dixcy and Enamor, is a historic moment for us. This is much more than creating a larger business. It’s about realising our vision of being the most preferred company for comfortable & fashionable essential clothing,” said Sunil Sethi, Executive Chairman, Modenik Lifestyle Pvt Ltd.
The merger of Dixcy’s distribution network and Enamor’s product design expects to accrue value for all stakeholders, including consumers, employees, shareholders and partners. Modenik will have a portfolio of five sub-brands, including Dixcy Scott Originals, Dixcy Scott Maximus, Josh by Dixcy Scott, Slimz and Enamor.
Modenik’s omnichannel distribution strategy expects to ensure that its products are available wherever the consumers buy – offline or online. It also has an exclusive licensing agreement with Levi’s to manufacture and distribute in India, which should benefit from the synergies of this merger.
While Sethi, who was the Executive Chairman of both the companies, continues in this position, Shekhar Tiwari, previously the CEO of Enamor, takes on the role of Chief Category & Operations Officer of the merged company.