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Garment maker Suditi acquires insolvent kids fashion brand Gini & Jony

Mint  

Navi Mumbai-headquartered textile and garment manufacturer Suditi Industries is to acquire certain trademarks, domain names and ownership of certain social media handles from Mumbai-headquartered kids fashion apparel seller Gini & Jony Ltd. Suditi Industries will use its manufacturing capabilities to scale the brand.Gini & Jony was founded in 1980 by Prakash Lakhani. It currently operates via 700 points of sales, including 59 standalone stores and over 70 large format stores and 600 distributors and dealers.In 2005, Reliance Group acquired a minority stake in Gini & Jony. By 2012, Reliance Capital Ltd held a 22% stake, while Singapore-based Arisaig Partners owned 9%. However, the retailer faced financial difficulties, including heavy debt and overdue payments to lenders. A planned INR 125-crore IPO was subsequently cancelled. In 2011, Gini & Jony filed for corporate debt restructuring.