The Hindu Business Line : House of Pearl Fashions acquires warehouse in UK

Apparel firm House of Pearl Fashions Ltd, which caters to the supply chain demand of customers such as Asda, NEXT, JC Penny and Tesco, has acquired a new warehouse facility in Milton Keynes, UK for over £2.4 million.

The storage facility will be a garment logistics warehouse with a capacity of nearly 43,000 sq. ft. and has been acquired through its subsidiary, Poeticgem Ltd. The total storage capacity of Poeticgem will now go up to over 90,000 sq. ft. The new warehouse will also serve for pre-retail finishing and reprocessing of garments.

House of Pearls Fashions, which consolidated its operations recently, is also proposing a public issue of its equity shares and has filed a Draft Red Herring Prospectus with the Securities and Exchange Board of India.

"The buyout of the garment logistics warehouse facility is part of our integration strategy. We believe that supply chain is a critical part of a retailer's businesses today and House of Pearl is implementing and expanding its capacity and infrastructure to meet the customer's increasing supply chain demand," said Mr Deepak Seth, Group Chairman, House of Pearl Fashions Ltd in a release here.

He further added, "We believe that the demand for storage and order fulfilment has grown as increasing number of retailers today prefer to stock products on `Just in Time' basis."

House of Pearl operates in three business streams — manufacturing, marketing and distribution and sourcing of garments.