Suumaya Industries invests in 1-India Family Mart to expand its women’s ethnic clothing business
Suumaya Industries Ltd., an emerging diversified conglomerate group, through its wholly-owned subsidiary Suumaya Retail Ltd. acquired a minority stake in value chain start-up Nysaa Retail Private Limited, which operates stores under the 1-India Family Mart brand. This investment will enable Suumaya Industries to strengthen its presence in the segment of ethnic women’s clothing in small towns as well as the retail of men’s and children’s clothing in BCD towns or in rural India, the two companies said in a statement. joint release today. By gaining access to over 100 1-India Family Mart retail stores, this strategic partnership will help Suumaya Industries Ltd. to increase its geographic footprint in level 2, 3 and 4 cities in India.
Ushik Gala, Chairman and CEO of Suumaya Industries Limited commented on this, “Suumaya Industries (formerly Suumaya Lifestyle) has over three decades of experience in the textile industry and has positioned itself as a highly creative brand for exquisite fashion and the world’s best collection of Indo-Western Kurtis for Women. . This collaboration will be based on the synergy of each and will make us more competitive in the industry. The founders of 1-India Family Mart have over 2 decades of rich experience in the retail industry and have seen the entire retail cycle. The investment paves the way for the potential of a broader strategic alliance between Suumaya and 1-India Family Mart. This acquisition provides the opportunity to work with them to reinvent the retail partnership and allows us to create novelty and excitement for this dynamic customer segment. Although it gives us an edge in the category of ethnic clothing for women, it will also meet a large part of the clothing requirements of Nysaa Retail.
Retail trade in India is valued at INR 51 trillion in 2019, with a CAGR of 9-11%. An increase in the market share of value-added e-merchants has demonstrated improved profitability and value creation in the Indian retail landscape. Value retail represents 60% of the overall clothing retail market. The growth of value retail is primarily driven by organized value retail.