House of Pearl buys garment warehouse in UK
Our Web Bureau / New Delhi December 6, 2014
Business Standard, India
Multinational apparel firm House of Pearl Fashions has acquired a new warehouse facility in Milton Keynes, UK. The storage facility will be a garment logistics warehouse with a capacity of nearly 43,000 sqft and has been acquired through its subsidiary, Poeticgem.
The total storage capacity of Poeticgem will now go up to over 90,000 sqft. Poeticgem is investing over 2.4 million pounds (approx. Rs 211 crore) for the acquisition.
“The buyout of the garment logistics warehouse facility is part of our integration strategy. We believe that supply chain is a critical part of a retailer’s businesses today and House of Pearl is implementing and expanding its capacity and infrastructure to meet the customer’s increasing supply chain demand.†Deepak Seth, group chairman of House of Pearl Fashions, said.
“We believe that the demand for storage and order fulfillment has grown as increasing number of retailers today prefer to stock products on ‘Just in Time’ basis,†Seth said.
The new warehouse has sophisticated machinery for pre-retail finishing and reprocessing of garments. House of Pearl Fashions caters to the supply chain demand of major customers in UK such as ASDA, NEXT, Tesco among others.
