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Crew B.O.S. Products Ltd.

BSE: 532542 Sector: Others
NSE: CREWBOS ISIN Code: INE514G01019
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Crew B.O.S. Products Ltd. (CREWBOS) - Company History

Crew B.O.S. Products Ltd is a designer, manufacturer and exporter of leather and leather-based fashion accessories. The company is engaged in fashion accessories products, footwear and finished leather business. They operate in three segments: fashion accessories, footwear and leather. Their fashion accessories segment's includes cotton made and leather made products. The company has a diverse product range of belts, bags, wallets, footwear and small leather goods. Their product portfolio represents the international pulse of fashion as these products are supplied to some of the world's best and most renowned brands and retail chains such as Accessorize,, Marks & Spencers, Monsoon, Fossil, Esprit, Next, Gap, Banana Republic, Chico's, Fat Face, Debenhams, J Jill, AEO, etc. They also have the unique distinction of producing cost-effective, international-grade 'Italian' quality leather, which have evoked a great response in the global market. The company is headquartered in Gurgaon. The company has state-of-art manufacturing units at Manesar and Gurgaon in Haryana, Jalandhar in Punjab, Ranipet in Tamil Nadu and Neemrana in Rajasthan. They have an outsourcing and marketing office in Hong Kong (China), a marketing office in (Italy) and a resourcing office in Cairo (Egypt). Crew B.O.S. Products Ltd was incorporated on December 30 1988 as a private limited company with the name Motherson Unimetex Pvt Ltd. The company was originally incorporated with the object of manufacturing and dealing in automobile components and related activities. Later in the year 1989, they started manufacturing and exporting fashion bags and belts. In the year 1992, the company expanded their product range to Men's Bags & Wallets. In February 26, 1992, the name of the company was changed from Motherson Unimetex Pvt Ltd to Crew B.O.S. Products (P) Ltd. In the year 1994, they shifted their manufacturing operations from New Delhi to Gurgaon, Haryana. In the year 1995, they constructed a factory at Gurgaon. During the year 1996-97, they imported mechanized belt plant and machinery to increase manufacturing capacity of belts and bags. In the year 1998, the company diversified their product lines for manufacturing and exporting of home products. In the year 2000, they purchased a new factory located at Gurgaon for manufacturing and exporting of all kinds of travel bags and related products. In the year 2002, they commenced production at the factory as a 100% EOU. In the year 2003, they commenced manufacture and export of fashion footwear during the year. In November 10, 2003, the company was converted into public limited company and the name was changed to Crew B.O.S. Products Ltd. In March 2004, the company incorporated a wholly owned subsidiary, La Tatva s.r.l in Milan, Italy. During the year 2004-05, the company set up a finishing unit for fashion leathers at Manesar Gurgaon, based on Italian technology with installed capacity of 15,000 sq ft. per day. They promoted a wholly owned subsidiary in Hong Kong under the name and style of Crew B.O.S. Far East Ltd with the object of contract manufacturing and marketing their existing leather products as well as finished leather to be manufactured by the company at their new unit at Manesar, in the Far East Asian countries. Also, they acquired 100% stake in Crew Home Products Ltd, erstwhile partnership firm 'Ideas India'. During the year 2005-06, the company invested Rs 192.60 million in the capacity expansion and diversification by implementing the backward integrated leather finishing and tannery project. They acquired the Tannery at Jalandhar, Punjab for a consideration of Rs 225.00 lakh (Land Rs 70.00 lakh, Building Rs 50.00 lakh, Plant & Machinery Rs 33.00 lakh, Security Deposit - Electricity Rs 2.00 lakh & leather stock Rs 70.00 lakh). During the year 2006-07, the company entered into an MoU with Leather Crafts India (Pvt) Ltd and formed a joint venture company, namely Crew MAG Exports Ltd for manufacturing and exporting of all kinds of footwear and footwear components. In March 2007, they incorporated an entity in Italy namely, 'Iguvium Srl' to market footwear and other leather articles such as bags, wallets, purses etc., in the international market. During the year 2007-08, the company incorporated a subsidiary company in the name of Centre of Excellence in Design Ltd (formerly known as Crew Style Works Ltd) for the purpose of expanding their business in domestic area. Also, La Tatva, Italy, the wholly owned subsidiary of the company was dissolved on March 7, 2008 on account of precarious labor market, high labour cost, strengthening of EURO against Dollar and high export duties. During the year 2008-09, the company incorporated three wholly owned subsidiary companies namely, Crew B.O.S. Enterprises Ltd, Villa B.O.S. Leathers Ltd and Emporio B.O.S. Designs Ltd with the main objects of carrying on the business of creative and stylish designing of lifestyle products, wearing apparels made of leather or non leather, consumer products, cosmetics, artificial furniture, beauty products and designer goods and furnishing. In June 29, 2009, the company incorporated a wholly owned subsidiary namely, Crew ROR Products Ltd with the main objects of carrying on the business of manufacturing and trading including import and export of all kinds of fashion accessories made from leather, wood, metal, poly-urythene and fabrics including leather bags, portfolios, travel bags, shoes, wallets, leather garments and belts of all kinds, wearing apparel of leather and fabric, garments, textile, furniture. In February 19, 2010, they incorporated CREW Republica Retail Ltd with the main object of carrying retail business or trade in India through retail outlets. During the year first half of the financial year 2010-11, the company's subsidiary, Crew Republica Retail Ltd, opened their retail outlets in Mumbai and Delhi. They plan to reach out to the Indian retail market through their own stores selling branded bags, leather shoes, belts and some other fashion accessories across cities in a phased roll-out plan that will involve tie-ups with major international brands.

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