Filatex buys Vogue4all e-tailer
Socks maker Filatex Fashions Ltd acquired Vogue4all.com, a Kolkata-based online fashion retailer, for around Rs 20 crore, marking its entry into the fast-growing ecommerce space.
To transform the fashion portal, to be based in Hyd, into multi-brand ecommerce site
Hyderabad: Socks maker Filatex Fashions Ltd acquired Vogue4all.com, a Kolkata-based online fashion retailer, for around Rs 20 crore, marking its entry into the fast-growing ecommerce space. The company will invest another Rs 20 crore to transform the portal into multi-brand ecommerce site.
“This acquisition, which we will complete in a month or so, will allow us to tap the growing online market in the country. We are planning to complete the re-branding and re-launch formalities in six to seven months time,” Prabhat Sethia, founder and Managing Director, Filatex, told media here.
The company intends to develop the etailer, to be based out of Hyderabad, on the lines of Amazon and Flipkart.
In addition, the company is also expanding its socks manufacturing facility in the wake of receiving several domestic and export orders totaling Rs 35 crore. “For the expansion, we are placing order for new machinery and upgrading our existing factory for which we envisage an expenditure of around Rs. 20 cr,” Sethia said.
Established in 1995, the company has 120 computerised machines, procured from Italy and China, that produce 25,000 sock pairs a day. After the expansion, the production capacity will go up considerably.
Filatex has been producing socks for the License holders like Walt Disney Warner Brothers, Planet, Mickey Mouse, Simpsons and 32 others. “Apart from these we have also produced for other reputed brands like Mark & Spencer, Hugo Boss, Giovanni, Primavera, Next and many other top labels of the European fashion world,” he explained.
It also produced socks for the Commonwealth Games held in Manchester and for Olympic Games held in Greece.
