Home textiles manufacturer Indo Count Industries on Friday announced the acquisition of U.S.-based home fashions brand Wamsutta from Beyond for around Rs 86 crore.
This acquisition, which closed on April 18, strengthens Indo Count's brand portfolio, and elevates its position in the premium market segment, the company said in an exchange filing.
Wamsutta is a home fashion brand offering bed, bath and other home fashion products.
The company acquired a 100% stake in the 178-year old brand from NYSE-listed Beyond in a cash deal of $10.25 million (around Rs 86 crore), the filing said.
"WAMSUTTA's brand equity, combined with Indo Count's global reach will catapult the brand to new heights and represents a significant milestone towards our expansion strategy," Indo Count Executive Vice Chairman Mohit Jain said.
Indo Count is a global home textiles bed linen manufacturer and exporter from India.
Indo Count shares rose by 1.14% to close at Rs 376.55 on BSE.
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