GUATEMALA: Sourcing specialist sells stake to India's Fifth Avenue
Supply chain specialist Fifth Avenue Sourcing (India) is set to take a stake in sourcing consultancy RegionaLink LLC, which was set up earlier this year to link US and European apparel firms with factories in Central America and the Dominican Republic.
It has offices in Bangalore, Delhi, Tirupur in India, and Dhaka in Bangladesh, with a network of 80 factories and a team of 200, including merchants, QA, fabric and print technicians and a full service R&D and design department. It also has sales offices in France and Germany to service the European business.
So far Fifth Avenue has reached a verbal agreement and Letter of Intent to become an equal equity partner in RegionaLink, with the companies now going through the legal steps to amend the ownership of the business. This is due to be completed by the end of November, they say.
"This is a perfect fit of two organisations," says RegionaLink managing director Alejandro Arias. "We share a common philosophy on customer service and the scope of services a sourcing management organisation should provide.
"RegionaLink is quickly establishing a reputation as a company that is 'involved' and understands apparel sourcing in Central America. Fifth Avenue has much more experience in the sourcing management arena and they can help us adopt best practices and procedures."
Promodh Sharma, chairman of Fifth Avenue Group, adds: "We were impressed with RegionaLink's reach and understanding of the supply chain in Central America and since there can be great synergy we wanted to invest in what we believe is a dynamic young organization with great potential.
"RegionaLink provides us with another region plus access to some key clients in North America."
RegionaLink was launched five months ago in Guatemala City by three industry veterans - Carlos Arias, Kurt Cavano and Walter Wilhelm. Carlos Arias is CEO of Guatemalan jeans wear maker Denimatrix, while Kurt Cavano is CEO of Tradecard, a supply chain financing firm in New York. Walter Wilhelm is the owner of Walter Wilhelm Associates, a global apparel industry consultancy.
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