Cravatex sells 100% in Cravatex Brands

Cravatex said it completed the sale of its 100% shareholding held in Cravatex Brands, a material subsidiary, to Metro Brands on 1 December 2022.

Cravatex is a global retail, brand licensing, distribution and sourcing company with a presence across the Indian Subcontinent, United Kingdom, Europe, North Africa and the Middle East. Its model is a combination of spotting opportunities, developing the best product, delivering high quality customer service and providing commercially sound marketing strategies.

On a consolidated basis, Cravatex reported net loss of Rs 19.18 crore in Q2 September 2022 as against net loss of Rs 6.04 crore in Q2 September 2021. Net sales rose 8.73% year-on-year to Rs 170.42 crore in Q2 September 2022.

 

Shares of Cravatex rose 0.18% to Rs 411.80 on Friday, 2 December 2022.

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