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.
Hyderabad-based socks maker Filatex Fashions has announced that it will acquire fashion e-commerce site Vogue4all.com to enter into the growing e-retail market in India, according to a latest VCCircle report.
Vogue4all.com claimed that it is the ultimate online store for global designer wear collection, where one can find new and budding designers as well as big names in fashion designing world showcasing their masterpieces at best affordable price.
"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," said, Prabhat Sethia, MD, Filatex.
As per the report, the acquisition is expected to complete within a month. The re-branding and re-launching are expected to be completed over six months.
Founded in the year 1994, Filatex Fashions Ltd engages in the manufacture and sale of knitted socks in India.
The company is also involved in the trade of textile products. Filatex Fashions is based in Hyderabad, India.