One of the leading fashion wear maker companies, the House of Pearl Fashion Ltd has recently signed a Memorandum of Understanding (MoU) to acquire a 75 per cent in the Hong Kong-based marketing company, Simple Approach Ltd. The company has released a statement to the Bombay Stock Exchange and said that the MoU has been signed in order to strengthen its distribution in the overseas market.
According to one of the top executives of the House of Pearl Fashion Ltd, the company is planning to leverage the sourcing capabilities of Simple Approach and then offer wider product ranges at competitive prices. The statement released by the company also stated that the company is aiming to achieve a 25 per cent annual growth in its business every year for the next three years as well. It further added that the company is now looking to enter the fashion retailing sector in India with its plans of launching a German Brand named Lerros.