Filatex is a public listed small cap firm in Hyderabad engaged in the manufacture and sale of knitted socks in India. It is also involved in the trade of textile products. Filatex Fashions Ltd has agreed to acquire fashion e-commerce site Vogue4all.com, marking its entry into the growing e-retail market in India, a top company executive said on Thursday.
Filatex is looking forward to re-brand and re-launch the two year old e-commerce site Vogue4all.com which is a little known e-com property run by Kolkata-based Urban Merchantile Pvt Ltd and is not anywhere in contention when it comes to the fast growing lifestyle e-com vertical in India. It currently focuses only on women’s fashion and is a multi-brand site.
Prabhat Sethia, managing director of Filatex, said that the actual acquisition cost will be Rs 20 crore (about $3.2 million), while the company will be investing another Rs 20 crore ($3.2 million) for its maintenance, a large chunk of which will go for advertisement,
The market has consolidated around the top two which is Myntra and Jabong, not necessarily in that order. There are several other players who are either doing private labels or multi-brand lifestyle aparel and accessories e-tailing.
The acquisition is expected to complete within a month. The re-branding and re-launching is expected to be completed over the next six months. Once the whole process is completed, the new company will be headquartered in Hyderabad.
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