PDS Lifestyle Ltd, a subsidiary of PDS Ltd has proposed to acquire 100 percent stake in New Lobster Ltd. which will serve as the global hub for the Ted Baker brand and take on Ted Baker’s design and merchandising functions. Further, this entity will become a core licensee and operating partner for Ted Baker.

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PDS Ltd is engaged in trading of garments, investment holding, design, development, marketing, sourcing and distribution of readymade garments of all kinds and other consumer products worldwide.

New Lobster will be responsible for all design, development, and product innovation servicing partners around the world. Additionally, New Lobster will service wholesale accounts in the UK and Europe.

The indicative time period for completion of the acquisition is July 31, 2023. The deal is via a cash consideration of Rs 150 crore. This acquisition enables PDS Group to expand its offering into brand management services and wholesale distribution.

Post this announcement, the stock rose and is trading 3.7 percent higher on the exchanges at 12:15 pm on June 16th.

First Published:Jun 16, 2023 12:17 PM IST