Tirupur-based Garment Mantra Lifestyle Ltd. (erstwhile Junction Fabrics & Apparels Ltd.) has taken diversification steps in order to widen its horizons beyond garments. The company is diversifying into fashion accessories, electronics and home appliances.
With diversification plans in place, the company has entered its first bulk order purchase worth of Rs. 11 crore, at a steep and huge discount to its MRP.
The company is in the final process of acquiring Twenty Twenty Trading LLP ‘Price Mantra’, which is into the retailing business. ‘Price Mantra’ USP is to source the branded products at much cheaper rate to the MRP.
The bulk order procurement of Rs. 11 crore includes products like garments, electronics, home appliances as well as fashion accessories.
Prem Aggarwal, CMD of the company, said “We are delighted to update our stakeholders about our diversification into the new product segments. This is the major leap forward in order to diversify our business. We are very optimistic about this model where we have planned to sell these products through our platforms, B2B as well as B2C. Moreover, we are in the process of acquiring our group companies and that will help us in expanding our business substantially in coming years.”
