Advent merges Dixcy and Gokaldas units to create new clothing focused entity

Private Equity firm Advent International has merged its portfolio companies Dixcy Textiles and Gokaldas Intimatewear to create Modenik Lifestyle which will manufacture intimate-wear and casual clothing. Modenik will focus on the Dixcy Scott Originals, Dixcy Scott Maximus, Josh by Dixcy Scott, Slimz and Enamor brands. It also has an exclusive licensing agreement with Levi's. In 2017, Advent International had acquired a 60% stake in Dixcy Textiles Pvt. Ltd., an innerwear brand. In 2019, it acquired the balance 40%. In 2019, it acquired women's inner wear maker Enamor, owned by Gokaldas Intimatewear, from its founders and two other PE firms for an estimated INR 320 crore.