UTI Ventures-Backed Primus In Talks To Acquire Weekender
Casual wear retail chain Weekender is on the block. Bangalore-based Primus Retail, a part of the garment export house K Mohan & Co, is in advanced talks to acquire the Gokaldas Images-owned chain, according to The Economic Times.
Gokaldas Images is apparently more focused on the export business, and will rather stay focused there in the wake of the post-quota era. Primus Retail, backed by private equity fund UTI Ventures, is a chain of small format stores (totalling 80 now) spread across in 17 cities in the country. Weekender may cost Primus about Rs 50 crore, which 1-1.5 times Weekender’s current annual sales, according to ET..
What Primus will acquire is the brand Weekender and a network of 40-50 stores across India.
