Pearl Global Industries Ltd

Pearl Global Industries Limited (PGIL) (Formerly known as House of Pearl Fashions Limited) is one of the Indias largest listed garment exporters, manufacturing from multiple sourcing regions within India and countries within South Asia. The Company is a worldwide clothing manufacturing corporation that provides endtoend supply chain solutions to global brands with its integrated production capabilities centered on Design and Development, Global Manufacturing, Marketing and Distribution, and Sourcing and Supply Chain. It has 21 stateoftheart manufacturing plants across 4 countries including India (Gurgaon, Chennai and Bengaluru), Indonesia, Bangladesh, Vietnam and has design centres in India, Indonesia, Bangladesh, Vietnam, U.S.A, Spain, Hong Kong and U.K.The Company is a multinational, ready to wear apparel manufacturing conglomerate. The company is operating in three distinct business streams namely manufacturing, marketing and Distribution and souring of garments. They also provide supply chain solutions for the fashion industry globally along with warehousing distribution networks in the UK US. The company conducts their business through their subsidiaries in India as well as overseas. The company product offering includes various kinds of knits, woven sweaters and bottoms in the men, women and kids wear categories. They are servicing 82 retailers across the globe with a healthy spread between USA, Latin America Europe. Some leading customers include GAP, JC Penney, Banana Republic, ASDAWalMart, Kohls, Esprit, Next to name a few. The company has marketing and distribution offices in UK, US and Hong Kong. These offices oversee the marketing and merchandizing teams across Canada, Europe, Hong Kong, UK and US. The company has developed their own brands, DCC and Kool Hearts in US. They also own warehousing and processing units in UK and US with a combined capability to handle two million garments per month. These warehouses have processing facilities and local distribution infrastructure. Also, the company has fabric development centres in China and India as well as design and product development teams in India, UK, US and Hong Kong.The Company was incorporated as a Private Limited Company under the name Minia Estates Pvt Ltd on July 5, 1989. The name of the company was changed to House of Pearl Fashions Pvt Ltd on May 9, 2006. The Company became a Public Limited Company of June 28, 2006. In June 1988, the Company established their international presence by incorporating Norwest Industries Ltd in Hong Kong which is engaged in the trading of garments. In the year, they set up a sourcing office in China in the same year.In October 2003, Pacific Logistics was incorporated in UK which is engaged in the business of logistics and warehousing. In May 2004, Nor Pearl and Norp Knit were incorporated as the subsidiaries in Bangladesh which are engaged in the manufacture of knit garments for export. In the year 2005, they set up a sourcing office in Bangladesh. In March 2006, Global Textiles Group was incorporated in Mauritius. In July 2006, House of Pearl Fashions US Ltd was incorporated in USA which is engaged in trading of garments.During the year 200607, Pearl Global Ltd, the subsidiary company set up a new stateoftheart bottom manufacturing facility in MEPZ Chennai and acquired an existing knits woven facility in Gurgaon with a capacity of 3 million pieces each per annum. The company also acquired a new warehouse in Milton Keynes, UK.During the year 200708, the company acquired 50% stake in the UK based marketing company, FX Import Ltd through their UK subsidiary Poeticgem Ltd to penetrate high fashion mid segment apparel retailers. They also set up a subsidiary in Hong Kong, Zamira Fashion Ltd to target high end fashion retailers in Europe, especially in the French market. The company won the best Corporate Social Responsibility award from JC penny, one of their main customers during the year.In January 2008, the company signed a Memorandum of Understanding (MOU) to acquire 75% stake in the Hong Kongbased marketing company, Simple Approach Ltd inorder to expand their customer base into high fashion mid market segment. In August 2008, LERROS Fashions India Pvt Ltd, a Joint Venture with LERROS Moden Gmbh, Germany, launched their first store in India.The Company, through its wholly owned subsidiary Multinational Textile Group Ltd., acquired 30% stake in the Premier Pearl Garment Joint Stock Company, Vietnam. Multinational Textile Group Ltd. formed a Joint Venture Company Pearl GES Group Limited with GESCorp to source Home Decor products from South American Market. Further, Pearl GES Group Limited formed a subsidiary Pearl GES Home Group Limited in Hong Kong. Pearl GES Home Group Limited, further incorporated a wholly owned subsidiary company in Chile in the name of Pearl GES Home Group SPA in 200809.The Company through Multinational Textile Group Ltd. formed Simple Approach Limited in Hong Kong. Multinational Textile Group Ltd. formed a wholly owned subsidiary Magic Global Fashions Ltd in Hong Kong to target Denim and young fashion in France, Holland and Germany. The company set up one subsubsidiary in UK in the name of Poetic Knitwear Limited, subsidiary of Poeticgem Limited for trading activities. Zamira Fashions Limited, Hong Kong, a subsubsidiary of the company formed a new company in United Kingdom in the name of Zamira Fashions Europe Limited. Pearl Global Ltd, a subsidiary Company has also incorporated a new Company Pearl Global Fareast Ltd in Hongkong for sourcing and trading of garments from Fareast Countries. The Company has already entered into retail chain business in India through its Joint Venture Lerros Fashions India Pvt. Ltd, with German brand LERROS after receipt of regulatory approval of Government. This Company already opened 8 stores in Metro Cities and 11 shop in shop in India. Lerros FashionsIndia Pvt. Ltd. became subsidiary of the Company w.e.f. 31st March 2009.The company enhanced manufacturing capacities at Gurgaon, Chennai and Bangladesh during the financial year 201011.During the year 201920, M/s SBUYS ECommerce Limited became wholly owned subsidiary of the Company. During the year 202122, Pearl Global USA Inc., USA became a wholly owned subsidiary of the Company and subsidiary, Pearl Global (Changzhou) Textile Technolgy Co. Ltd., China, was liquidated voluntarily.