Suumaya Industries Ltd., a growing diversified conglomerate firm, has acquired a minority investment in the value retail chain startup Nysaa Retail Private Limited, which runs stores under the brand name 1-India Family Mart, through its 100 percent fully-owned subsidiary Suumaya Retail Ltd.
Suumaya Industries would be able to enhance its footing in the women’s ethnic clothing category in smaller towns, as well as value retailing of men’s and children’s clothes in BCD towns or rural India, the two firms stated in a joint statement today.
Suumaya Industries has acquired 100 + retail stores of value retail chain 1-India Family Mart. The acquisition will help Suumaya increase its geographical footprint in tier-2, tier-3 and tier-4 towns. It will also help the chain develop its own private label in the fast-growing women’s apparel category. India retail is valued at Rs 51 trillion in 2019, growing at a CAGR of 9 – 11 percent.
Suumaya Industries has acquired 1-India Family Mart, a leading brand in the women’s ethnic wear category for an undisclosed sum. The acquisition paves the way for the potential of a wider strategic alliance between Suumaya & 1- India Family Mart. This will help boost their retail presence of the women ethnic wear, as well as strategically help in building our women’s private label portfolio. Value retail constitutes 60 percent of the overall apparel retail market in India.