Germany-based fasteners and accessories supplier Prym Fashion is increasing its global footprint with the acquisition of US peer Sher Plastics.
The new entity will be named Prym Fashion Americas but will continue to do business as Sher Plastics. Richard Sher will serve as managing director of Sher Plastics and Cindy Sher will serve as director, and they will retain part ownership of the company.
The acquisition provides Prym Fashion with a base from which it can grow business among US-based apparel brands and retailers. The company will look to create greater awareness of the luxury metal fasteners and L.I.F.E. Certified fasteners produced by Prym Fashion Italia – metal fasteners that are manufactured to significantly lower the process and environmental footprint of Prym Fashion products compared to conventional manufacturing processes.
“Adding Sher Plastics to the company increases the global footprint of Prym Fashion, and the synergies between our product lines provide us with an expanded assortment of high-quality trim and fasteners that will make us an important one-stop solution for our customers,” says Brian Moore, chief executive officer of Prym Fashion. “This is a big step in expanding the Prym name in the US, especially among the fashion brands located in the New York area.”
Prym Fashion will begin selling Sher Plastics products throughout Europe and will provide sales and technical service support globally. Sher Plastics’ 30 New York-based employees will form the face of Prym Fashion in the US, while their staff of 34 in Hong Kong will be incorporated into Prym’s existing operations there.
Richard Sher, managing director of Prym Fashion Americas, adds: “There is a great cultural fit between our organisations that is marked by the longevity and continuity of both companies, and we are excited by the opportunity to increase the sales of Sher Plastics products globally, especially throughout Europe.”
The Prym Group comprises four divisions – Prym Consumer, Prym Fashion, Prym Intimates and Inovan – and has more than 3600 employees.