Suumaya Industries picks up minority stake in Nysaa Retail
The deal offers Suumaya access to 1-India Family Mart’s more than 100 outlets, mostly in tier-3 and tier-4 cities.
Suumaya has purchased a 1% stake in 1-India Family Mart, valuing the retailer at about Rs 500 crore, one of the source said.
Suumaya is BSE-listed company and supplies ladies’ apparel, mainly to the general trade, apart from running its own Suumaya-branded outlets.
Both Suumaya and Nysaa Retail did not respond to ET’s queries seeking comment.
The Covid-19 pandemic has roiled the retail industry with frequent lockdowns and as consumers have preferred to stay indoors and order clothes online.
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However, retailers like 1-India Family Mart were relatively less impacted as most of its stores are located in small towns, which have been lax in observing social distancing norms. 1-India Family Mart is backed by private equity firm Carpediem Capital and the value retailer sells apparel, kitchenware, footwear, home products and other items in their outlets.
The Suumaya deal will also help 1-India Family Mart in its private brands portfolio, one of the sources said.
In August, Suumaya invested about $8 million to acquire a controlling 51% stake in agri-tech company, payAgri Innovations Pvt Ltd.
( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)
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