Indo Count acquires US-based Wamsutta brand for Rs 86 cr
This acquisition, which closed on 18 April 2024, strengthens Indo Counts brand portfolio, and elevates its position in the premium market segment.
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NEW DELHI: Indo Count Industriessaid that its American subsidiary has acquired the global brand 'Wamsutta' (including trademarks rights associated with the brand) from Beyond Inc.
Beyond, Inc. is an ecommerce expert. It owns Overstock.com, Bed Bath & Beyond, Baby & Beyond, Zulily, Kids & Beyond, Backyard.com, College Living, and other related brands and associated intellectual property. Its suite of online shopping brands features millions of products for various life stages that millions of customers visit each month.
Wamsutta an industry-leading home fashions brand has delighted generations of consumers with luxurious bed, bath and other home fashion products. The brand was established in 1846. It has long history in the textile industry and is known as a national brand in North America. The brands product line encompass various categories including bedding, bath linens, window treatments and decorative accessories.
This acquisition, which closed on 18 April 2024, strengthens Indo Counts brand portfolio, and elevates its position in the premium market segment.
Mohit Jain, Executive Vice Chairman of Indo Count, expressed his enthusiasm about the acquisition, stating, "Wamsutta with its 178-year brand heritage resonates strongly in the marketplace. We will explore multiple channels of distribution to reach the core Wamsutta consumer and also introduce an entire new generation to the exceptional quality and luxury of the Wamsutta brand.
Indo Count Industries is the largest global home textile bed linen manufacturer. The companys current annual capacity is 153 million metres.
The company's consolidated net profit jumped 53.96% to Rs 58.06 crore on a 8.54% increase in sales to Rs 713.42 crore in Q3 FY24 over Q3 FY23.
The scrip lost 0.62% to currently trade at Rs 370 on the BSE.
