After acquiring a 70 percent stake in Italian home textile company - Giuseppe Bellora SPA in 2007, the Rs 2,000 crore vertically integrated Indian home textile manufacturer Himatsingka Group has now bought off the rest of the 30 percent stake.
In a disclosure to BSE, Himatsingka Group said it had acquired the 30 percent stake from GB Invest SRL. Himatsingka Seide did not disclose the amount at which it bought the stake.
This latest share acquisition makes Himatsingka Group the sole shareholder of Giuseppe Bellora SPA.
This transaction is consistent with the global strategy of the Himatsingka Group, given its large presence in the manufacturing, retail and distribution of home textile products.
Himatsingka Group manages a brand portfolio of over eight brands and for fiscal year 2013-14, revenues from these brands stood at over Rs. 600 crores.
Bellora a luxury home textile brand with a strong heritage, has an extensive presence in Italy and is amongst the most recognized luxury bedding brands and is now exploring opportunities for expansion across Europe and in select markets of Asia.
Executive Director - Mr Shrikant Himatsingka said, “The Bellora brand is an integral part of our global brand portfolio and our group will focus on expanding the brand globally in the years to come."
