The Tirupur-based Prem Durai Exports Private Limited, an export division of PGC Industries and Group, has acquired controlling stake in the Swiss leisurewear brand Switcher Holdings, which is famous for brands such as Switcher, Respect and Whale.
A press release from the company stated that the acquisition would give the company a strong presence in European markets especially in Switzerland, Germany and Austria, while Switcher Group could benefit from lower costs in activities such as warehousing, information technology, logistics, product design and development.
According to PGC Industries and Group chairman D. Prem, “the company felt that it was right time to acquire stakes in Switcher Global with which there was an association dated back to more than two decades.”
The Switcher group had an exclusive marketing arrangement with Prem Durai Exports for the last 25 years and was manufacturing more than 40 lakh pieces of garments every year.
PGC Industries Group Managing director Aadith D. Vikram said that the acquisition would also help widen the group's client base in Europe which, in turn, would enhance the turnover.