Pioneer lines up buyout in menswear

Pioneer Embroideries, owner of the Hakoba brand of embroidered sarees and dress materials, is eyeing acquisition to enter the menswear market. Industry sources said that the company was close to acquiring a Kolkata brand and the deal could be closed by the next month.

Ajay Agrawal, director, Pioneer Embroideries, declined to comment on the specific acquisition. However, he said that the company was on the lookout for acquisitions in the menswear and lingerie segments.

Agrawal said that the company did not want to dilute Hakoba's identity as a womenswear brand, hence it would launch the menswear and lingerie lines as separate brands.

The company is also foraying into the furnishing and upholstery segment to tap the upwardly mobile young customers.

Agrawal said, "Currently, Hakoba's clientele largely comprises women above 30 years. We plan to address the younger section by extending Hakoba to the lingerie, furnishing, upholstery segments. The company has done a soft launch of its ladieswear range as well as a range of embroidered shirts and kurta-pajamas for men."

The company is also planning on go public after a couple of years to fund its expansion plans.

In 2000, Pioneer acquired Hakoba, a local brand, and retails it as a store brand through its subsidiary, Hakoba Lifestyle.