11th September 2021, Mumbai:
Suumaya Industries, an ethnic garment maker, has purchased a minority share in Nysaa Retail, the business behind 1-India Family Mart. Suumaya now has access to India Family Mart's retail network.
Suumaya Industries has purchased a 1% stake in 1-India Family Mart in a deal for about Rs 5 crore ($752,000). A source close to the situation told ET Bureau that the agreement valued the business at about Rs 500 crore.
According to one of ET Bureau's sources, Suumaya Industries' clothes will become more prominent in the store chain's product range as a result of the transaction, and the company will assist 1-India Family Mart with its private label brand offers in the ethnic wear category.
Many of 1-India Family Mart's locations are in Tier 3 and Tier 4 towns, serving a more rural clientele. The shop network specializes in low-cost items and sells ethnic and western clothing, accessories, homeware, footwear, and lifestyle items, among other things.
1-India Family Mart has a large foothold in India's rural value-shopping sector and is backed by private equity firm Carpediem Capital. Suumaya is a Bombay Stock Exchange-listed company that produces women's ethnic clothing for both the general public and its own branded shops.