Advent International, a global private equity firm, announced the completion of the merger of its portfolio companies Dixcy Textiles Pvt. Ltd and Gokaldas Intimatewear Pvt. Ltd, the parent company of brand Enamor.
The new merged entity will take the name of Modenik Lifestyle Pvt Ltd. and will be headquartered in Bengaluru.
“The merger of two well established brands, Dixcy and Enamor is a historic moment for us. This is much more than creating a larger business. It’s about realizing our Vision of ‘Being the most preferred company for comfortable & fashionable essential clothing’, said Sunil Sethi, Executive Chairman of Modenik Lifestyle Pvt Ltd. “The merger creates a broad and complementary product portfolio of comfortable and fashionable essential clothing for all ages, income-classes and genders at the right value and opens up expansion into attractive growth adjacencies.”
The merger of Dixcy with its strong distribution network, and Enamor with its strengths in style and product design, expects to accrue value for all stakeholders including consumers, employees, shareholders and partners, the statement said.
Modenik will have a strong portfolio of 5 sub-brands, including Dixcy Scott Originals, Dixcy Scott Maximus, Josh by Dixcy Scott, Slimz and Enamor. Under one company, it is now in a very strong position to serve the consumer needs in both men’s and women’s categories of essential clothing, across the value chain i.e. economy, mainstream and premium segments. Modeniks’s omni channel distribution strategy expects to ensure that its products are available wherever the consumers buy – offline or online. It also has an exclusive licensing agreement with Levi’s to manufacture and distribute in India, which should benefit from the synergies of this merger, the company said.
Sunil Sethi, who was the Executive Chairman of both the companies, continues in this position. Shekhar Tiwari, previously the CEO of Enamor, takes on the role of Chief Category & Operations Officer of the merged company, a statement said.
Modenik brings together the talented and creative professionals of both Dixcy and Enamor and now boasts a combined strength of 5,000, that includes 1,600 employees and 3,400 labour staff across its manufacturing operations in Tirupur, Kolkata, Bengaluru and Ludhiana, it added.
Sahil Dalal, Managing Director at Advent International said: “We believe this merger will accelerate the momentum that was already underway by uniting two outstanding companies for greater scale and financial strength to lead the industry. We are excited to be a part of the new company’s continued success.”
“The merger is a great opportunity to realize the potential of this combination and to create a strong presence in the essential clothing category which has significant potential to grow. Our immediate focus is to expand business into new geographies, product and packaging innovation, strengthen and expand distribution, both online and offline, in addition to building an inclusive culture and strong brand that employees are proud to be associated with,” said Sunil Sethi.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.