Dollar Industries rises 2% on forming JV with Pepe Jeans

NEW DELHI: Shares Dollar Industries jumped over 2 per cent in Monday's trade after the company announced a joint venture with Pepe Jeans Europe BV to manufacture and market premium range of innerwear.

The company said that it will manufacture loungewear, gymwear, sleepwear and Track Suits under the brand name Pepe Jeans London. These products will also be made available in Sri Lanka, Nepal, Bhutan & Bangladesh, the company said.

Following the development, the stock rose 2.17 per cent to hit a high of Rs 2,100 on NSE.

The tie up will help both the companies to work towards creating a premium innerwear brand in the country and offer an exciting and innovative range of aspirational products to the customers, the company said in a NSE filing.

“Pepe Jeans’ expansion into newer categories is a strategic progression of the brand. Our objective was to partner with a great Indian brand with a strong distribution and production set up. This is a strategic investment for the brand. We are funding the JV as per a strong scalable business plan,” said, Kavindra Mishra, MD, Pepe Jeans India.