You are here: Home » PTI Stories » National » News
Business Standard

Jaquar acquires majority stake in Korea-based Joeyforlife

Press Trust of India  |  New Delhi 

Bath fittings and sanitary ware major Jaquar Group has acquired a majority stake in the South Korea-based Joeyforlife by investing USD 1.2 million, as part of efforts to expand its global footprint.

Jaquar, which has acquired 51 per cent stake in luxury shower maker Joeyforlife, said the move would help it to expand its business in South Korea and South East Asian countries.

"It would reinforce our technical strength and secondly Joeyforlife, which is working in far east region aggressively...We would get an access to this quite potential market of the South East Asian region," Jaquar Group Director and Promoter Rajesh Mehra told PTI.

On being asked about the synergy, he said: "Joeyforlife is into high-end products as shower and faucet and Jaquar has a complete portfolio of bathing solutions. Now pooling them together, we can enhance our portfolio."

Mehra further said the management of Joeyforlife would continue even after the acquisition of stake and there would be no change. Joeyforlife would remain an independent entity, he added.

"The day-to-day management would be run by Kiho Ha, CEO, Joeyforlife and there would be no change," he added.

Mehra said: "We have been working together for the last four years and have a very strong association. Joeyforlife has strong R&D set up and together we have designed and developed products in four years of journey," he said adding that the products were accepted very well in India.

At present, 70 per cent of Joeyforlife's manufacturing capacity is dedicated to Jaquar only.

On investments, Mehra said: "Initially as a capital, we have invested USD 1.2 million to begin with and then we would see. It was through our internal accruals."


When asked if the company would introduce the brand Joeyforlife to India, Mehra said: "There is no need to present two different identities.... The idea is to continue with the same brands in those respective markets."

Jaquar Group, which is having around 30 per cent year on year growth, is expecting to touch a turnover of Rs 3,000 crore in FY 2016-17.

The company, which has started exports couple of years before, is now scouting for markets in Europe. It has a good presence in the Middle East and African markets.

At present, export contributes around 5 per cent to Jaquar's turnover and it expects it to be doubled in terms of ratio, in the next four years.

"India would continue to be the focus of the company, but we have a vision to make Jaquar a global brand and we are now giving equal amount of focus on the overseas market. So we are expecting that in the next 3-4 years over 10 per cent contribution would come from exports.

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, July 19 2016. 17:48 IST
RECOMMENDED FOR YOU