13th September 2021, Mumbai:
Ethnic apparel manufacturer Suumaya Industries has acquired a 1 per cent stake in Nysaa Retail, the owner of 1-India Family Mart, Nysaa Retail. Worth Rs 500 crore, the deal values Suumaya Industries at around Rs 500 crore.
As per a Fashion Network report, the deal will increase the importance of Suumaya Industries’ garments in the 1-India Family Mart’s product selection besides boosting the retailer’s private label brand offerings in the ethnic wear segment.
Many of 1-India Family Mart’s stores are located in Tier II and IV towns. They cater to the needs of the rural market and sell a wide range of ethnic and western wear, accessories, homeware, footwear, and lifestyle products, etc.
1-India Family Mart is supported by private equity firm Carpediem Capital and has a strong presence in India’s rural value-shopping market. Meanwhile, a Bombay Stock Exchange listed Company, Suumaya Industries manufactures women’s ethnic wear for general trade as well as for its own branded outlets.
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