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Friday, August 24, 2007

Primus Retail buys Weekender for Rs 95 crore

Retail chain Primus Retail has acquired clothing brand for youth and children, Weekender, for about Rs 95 crore, as part of its plans to enhance product portfolio through the inorganic route.

“Besides expanding our retail network, we have been looking at inorganic growth opportunities. Acquiring a brand like Weekender would help us expand our portfolio, allowing us to consolidate our position in the apparel and small-format retail industry,” Primus Retail CEO V Balaji Bhat said.

Weekender belongs to the Jagadish Hinduja family, owners of Gokaldas Images and has been in the clothing line for youth and children. It has a licensee arrangement with Disney and Warner Brothers in its portfolio. Currently, it has more than 50 stores with an annual business size of Rs 45 crore.

The Bangalore-based Primus plans to renovate the existing Weekender stores besides adding more in the next 12 months, a company release said. “We want to create a new look and feel for the brand. With our reach and infrastructure, we hope to grow the brand more than 100% over the next 18 months,” Mr Bhat said.

Industry sources said Primus plans to open 100 Weekender outlets over the next one year adding that it hopes to sell Weekender products in its factory outlets and around 500 small stores.

Primus has more than 150 retail stores across 40 cities. It operates exclusive stores and factory outlets for brands like Levis, Adidas and Nike. It also sells MTV gear and Adidas accessories to around 3,000 mom-and-pop stores across 200 cities.

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