The acquisition will leverage the strengths of both companies to create a robust and diversified product portfolio
Bengaluru: Luxury cotton fabric manufacturer Hi Fabrique Group acquired Tessitura Monti India Pvt. Ltd. (TMIPL), a producer of yarn-dyed fabrics, the company announced in a press release on Monday. TMIPL is the Indian subsidiary of Tessitura Monti Spa, an Italian clothing company involved in the spinning, weaving and processing of textiles that has customers like Hugo Boss, Charles Tyrwhitt, Polo Ralph Lauren, Hackett, Prada and Gucci, Thomas Pink and Tailor man.
“With this acquisition, we will be able to leverage the strengths of both companies to create a more robust and diversified product portfolio. By combining our expertise, resources, and talent, we will be better positioned to meet the evolving needs of our customers and deliver innovative solutions that exceed their expectations,” said Jodhraj, chairman of Tessitura Monti India.
Singhvi Dev & Unni LLP acted as the financial advisor for the transaction representing Hi Fabrique Group to ensure seamless closure of the transaction involving multiple geographies.
Bengaluru-based Hi Fabrique Group stocks premium cotton shirting ready fabric. Other than India, the company sources its products from Italy, Switzerland, Portugal, China and Vietnam. Founded in 1993 by Jodhraj it caters to more than 500 brands like Louis Phillipe, Van Heusen, Blackberry, Park Avenue, Peter England, US Polo, Arrow, Basics, Turtle, Amazon, Myntra, and Lifestyle.
Hi Fabrique has a presence in over 3500 over-the-counter stores across the country including Pothys (Chennai), Kalyan group (Trichur), Jai hind Group (Pune), J S Mohammed Ali (Kolkata), Heritage, Studio Firang (Delhi), Benzer, Gabbana (Mumbai) and P N Rao, Prestige (Bengaluru).
The Monti group was established in Italy in 1911 and the company currently has a customer base of more than 1,500 customers.
Tessitura Monti India Pvt. Ltd. installed its facility in India at Kolhapur, Maharashtra. Capable of warping, sizing and weaving, the plant employs over 900 employees within an area of 20, 000 square meters.