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प्रोवोग (इंडिया) > कंपनी इतिहास > Retail > कंपनी इतिहास का प्रोवोग (इंडिया) - बीएसई: 532647, NSE: PROVOGE

प्रोवोग (इंडिया)

बीएसई: 532647  |  NSE: PROVOGE  |  ISIN: INE968G01033  |  Retail

कंपनी इतिहास - प्रोवोग (इंडिया)
The Company was incorporated on November 11, 1997 as Acme Clothing
 Private Limited. The Company was converted into a public limited
 company (i.e. Acme Clothing Limited) on March 11, 2005, in terms of
 a
 special resolution dated March 2, 2005 passed under Section 31 and
 Section 44 of the Act in a Meeting of the Shareholders of the
 Company.
 The name of the Company was subsequently changed to Provogue (India)
 Limited and a fresh certificate of incorporation dated March 14,
 2005
 was issued by the Registrar of Companies, Maharashtra, Mumbai.
 
 The Company launched the fashion brand `Provogue' in March 1998 and
 within a short span of seven (7) years, it has established a strong
 brand identity in the minds of the urban consumer. The Company's
 philosophy of `creating trends' in fashion, an aggressive marketing
 strategy, coupled with high profile promotional events and its
 distribution strategy of retailing through selective stores and
 malls
 has resulted in Provogue being now positioned as a leading fashion
 brand in India.
 
 The company has, over a period of time, entered into hospitality
 business by opening a lounge under the brand name Provogue Lounge.
 These lounges work as a store in the daytime and are converted into
 a
 restaurant and refreshment room in the evening with an extensive
 selection of food, beverages and entertainment at value prices.
 Recently, the Company acquired from Acme Global the entire business
 of
 export of textile; textile machinery and textile related chemicals
 and
 operates these businesses as its division under the name Acme
 Global.
 
 Mr. Nikhil Chaturvedi promoted the Company along with his two
 brothers,
 Mr.Akhil Chaturvedi and Mr.Salil Chaturvedi, and friends Mr.Deep
 Gupta,
 and Mr.Nigam Patel. Later, Mr. Rakesh Rawat was also inducted into
 the
 company as a promoter.
 
 The evolution of the Company can be traced through the following
 phases;
 
 Phase I : The launch
 
 The beginning of 1998 saw Provogue being launched in a Multi Brand
 Outlet, i.e. The Bombay Stores, Mumbai and progressing to 120 Multi
 Brand Outlets by the end of 1999. The first exclusive `Provogue'
 store
 was opened in Lokhandwala Complex, Andheri, Mumbai in the year 2000.
 The Company was able to achieve market penetration by hosting
 fashion
 shows across the country along with an aggressive advertising and PR
 campaign, which enabled it in persuading a potential customer to its
 brand and its outlets to buy the Company's apparels.
 
 Phase II : Building a brand
 
 The Company has established a distribution network across the
 country
 covering Metro, A Class cities and B Class cities. Over the years,
 the
 Company introduced other product categories like men's trousers,
 socks,
 wallets and t- shirts, which received an overwhelming response from
 its
 customers. Though the products introduced by the Company were doing
 exceedingly well, the total retail area available to the Company was
 not adequate and restricted it to a few Multi Brand outlets and one
 exclusive store in Mumbai. However, in terms of sales, the Company
 achieved sales of Rs.1,400 Lacs (US  mn approx.) in the year 2000.
 
 Phase III : Building of scope and scale for the brand   
 
 Although the sales continued to grow rapidly, expansion had still
 not
 reached its true potential on account of the limited retail area. To
 meet the growing demand of its products, the idea of having its
 exclusive stores was conceived and thirty-six Studio Stores were
 planned to be opened in a time frame of about two years. To achieve
 further growth in sales, bollywood actor Fardeen Khan was signed up
 as
 the brand ambassador in July 2001. This gave impetus to the
 Company's
 marketing initiatives and endorsement by the brand ambassador
 reinforced the brand image as a trend-setting brand. The Company
 expanded its product lines to include knitwear, woolens, ties,
 scarves,
 handbags and other accessories. By December 2002, the Company had
 already opened twelve Studio Stores all across the country.
 Simultaneously, the Company also expanded its presence in large
 chain
 stores like Shopper's Stop and Piramyd all over India and was the
 first
 brand to be introduced in Westside, a leading retail store.
 
 The Company started its first manufacturing facility at Daman on
 April
 7, 2003, with an installed capacity of 2000 shirts per day. However,
 the company outsourced its requirements for trousers and other
 accessories. The manufacturers and suppliers are selected for supply
 to
 the Company only if they meet the Company's quality standards. The
 manufacturer has to undergo quality control inspections and tests
 conducted by the Company before the trousers and accessories are
 branded as that of the Company.
 
 Phase IV : Consolidation
 
 With a view to expand its business and enter into the fabric
 processing
 business and exports, the Company entered into a Memorandum of
 Understanding (MOD) dated April 1, 2004 with Acme Global, a
 partnership concern, in which the existing promoters (other than Mr.
 Akhil Chaturvedi and Mr. Nigam Patel) are partners The understanding
 reached between the parties was formalized by executing an agreement
 for assignment dated September 28, 2004.
 
 * The company has taken over the business of Acme Global on a going
 concern business together with all of its assets and liabilities as
 on
 April 1, 2004 for a consideration of Rs. 2,84,14,814/-
 
 * The said consideration is payable on or before March 31, 2005 or
 such
 extended time as may be mutually agreeable.
 
 * The said consideration is represented by promissory notes made by
 the
 Company In favour of the four (4) partners of Acme Global and till
 such
 time that the said consideration is paid; it shall be treated as
 unsecured loans in the books of the PIL.
 
 * The Agreement is effective on and from April 1, 2004.
 
 Acme Global
 
 Acme Global was set up as a partnership firm on December 15, 1999
 with
 Mr. Nikhil Chaturvedi, Mr.Salil Chaturvedi, Mr.Deep Gupta and Mr.
 Rakesh Rawat as the partners sharing profits in the ratio of
 1:1:1:2.
 Acme Global was involved in the business of export of textile,
 textile
 machinery and textile related chemicals, dyes, etc.
 
 Brief Financials of Acme Global
 
 The brief financials of Acme Global prior to its acquisition were as
 follows:
 
                                                          (Rs. In
 Lacs)
 
                                        2003-2004  2002-2003 
 2001-2002
 
 Partners Capital                          334.02     313.18    
 247.22
 Fixed Assets                               26.43      13.23      
 8.53
 Total Income                             2541.93    2667.01   
 1731.39
 Net Profit after Tax                      107.47     121.74    
 125.16
 
 Benefits from Acquisition
 
 The strategy behind acquiring the business of Acme Global was to
 consolidate the business of the Company. Till now, the Company has
 been
 in the business of apparel manufacturing, outsourcing, branding and
 distribution (through its own outlets, national chain stores and
 multi
 brand outlets). With this acquisition, the Company entered into the
 business of textile exports, export of textile machinery and textile
 related chemicals.
 
 The fabric export business provides the Company, the necessary
 economies of scale and an understanding of the global textile
 market.
 It also helps the Company in negotiating better rates for the raw
 materials required by the Company for its manufacturing facility.
 
 Milestones achieved by the Company:
 
 Year   Milestones                                                    
 
 
 1997 * Acme Clothing Private Limited was incorporated on 
        November 11, 1997
 
 1998 * The Company launched its brand Provogue
 
 1999 * John Abraham was projected as the brand ambassador for
 Provogue.
 
      * The Company introduced the brand Provogue in National Chain 
        Stores like  Piramyd, Shopper's Stop and Lifestyle
 
 2000 * The Company opened the first Provogue Studio 
        (an exclusive brand outlet) in Lokhandwala, Andheri, Mumbai
 
 2001 * The Company opened its second Studio Store in Chandigarh
 
      * The Company signed bollywood actor Fardeen Khan as the 
        Brand Ambassador
 
 2002 * The Company set up its factory at Daman to manufacture
 apparel.
 
 2003 * The Company introduced the concept of Provogue Lounge at 
        High Street Phoenix, Mumbai
 
 2004 * The Company acquired Acme Global which enabled it to enter 
        into fabric processing business
 
      * The Company entered into a License Agreement with 
        M/s. Rajni Frames for the manufacture and
        sale of eye wear products under its brand name
 
      * The Company acquired 15,906 shares of Acme Hotels &
 Hospitality 
        Private Limited (AHHPL) pursuant to which AHHPL became its 
        subsidiary
 
 2005 * The Company changed its name to Provogue (India) Limited
 
 Awards and Recognitions:
 
 The company has been consistently recognized as the most admired
 apparel manufacturer in India. Images, one of the leading industry
 magazine, has instituted various awards known as Images Fashion
 Awards
 (IFA) to recognize the best performers of the fashion and retail
 industry. The company has been recognized by the industry for its
 various initiatives, which include Brand building, Setting up of own
 Exclusive Brand Retail chain and Fashion retailing concepts amongst
 others. The company has a unique distinction of winning the `Most
 admired product launch' award and also being nominated for the IFA
 Hall
 of Fame: `Most Admired Apparel Company in India' in the same year. A
 list of others awards won by the company over the years is in the
 table
 below:
 
 Year  Award                                                      
 
 2000  IFA: Winner `Most Admired Product Launch' - Provogue
 
 2000  IFA Hall of Fame: `Most Admired Apparel Company in India' - 
       Acme Clothing
 
 2001  IFA: Hall of Fame `Most Popular Fashion Campaign of The Year' -
 
       Provogue
 
 2001  IFA Hall of Fame `Most Admired Apparel Company in India' - 
       Acme Clothing
 
 2001  IFA Hall of Fame: `Most Admired Brand Professional of The Year'
 - 
       Nikhil Chaturvedi
 
 2003  Lycra(R) IFA: Hall of Fame `Most Admired Fashion Campaign of 
       The Year' - Provogue (for year 2002)
 
 2003  Lycra(R) IFA Hall of Fame: `Most Admired Brand Professional of
 
       The Year' - Akhil Chaturvedi (for year 2002)
 
 2003  Lycra(R) IFA: Winner `Most Admired Exclusive Brand Retail Chain
 
       Of The year' - Provogue (for year 2002)
 
 2004  Lycra(R) IFA: Winner `Fashion Retail Concept Of The Year' - 
       Provogue Lounge (for year 2003)
 
 2004  Lycra(R) IFA: Hall of Fame `Most Admired Shirt Brand of The
 Year'  
       - Provogue (for year 2003)
 
 2004  Lycra(R) IFA: Hall of Fame `Most Recalled Fashion Campaign Of 
       The Year' - Provogue (for year 2003)
 
 2004  Lycra(R) IFA: Winner `Most Admired Exclusive Brand Retail Chain
 
       Of The year' - Provogue (for year 2003)
 
 2004  IFA: Hall of Fame `Retailer Of The Year in Fashion' - 
       Provogue (for year 2003-04)
 
 2004  Golden Scale Award for the Menswear Brand in Apparel by CMAI
 2004
 
 2004  DFU's inside Fashion brand award for excellence in retail 
       performance
 
 2005 
 
 -Lycra(R) IFA Winner: `Most Admired Fashion Forward Brand of 
       the year' - Provogue
 
 -Master Brand Award for Menswear Apparel
 
 -Provogue (India) Ltd signs an exclusive Licensee Agreement with M&B
 Footwear Pvt Ltd
 
 2006
 
 -Provogue India - WOS enters into MoU with Omaxe Construction, New
 Delhi
 
 2008
 
 - The Company has splits its face value from Rs10/- to Rs2/-.
 
 2010
 
 - Provogue (India) Ltd has inducted Mr. Punit Goenka into the Board
 of the Company and he shall be an Independent Non Executive Director
 of the Company.
 
 2011
 
 -The Company recommended a dividend of Rs. 0.25 per equity share
 (Face value of Rs. 2/- each) (i.e. 12.50%) 
 
 2012
 
 -The Company has recommended a dividend of Re. 0.10 (i.e. 10%) per
 equity share of face value of Re. 1/- each
 
 2013
 
 -The Company has recommended a dividend of Re. 1/- (i.e. 10%) per
 equity share of face value of Re. 1/- each.
 
स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `459.22 की खरीदारी की
  • MARKET CUES : DIIs ने कैश में `74.93 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `1389.27 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `15.30 Cr की खरीदारी
  • MARKET CUES : इंडेक्स ऑप्शंस में `683.05 की खरीदारी की
  • MARKET CUES : स्टॉक फ्यूचर्स में `667.26 Cr की खरीदारी
  • MARKET CUES : स्टॉक ऑप्शंस में `23.66 Cr की खरीदारी
  • IN F&O BAN : F&O बैन में Yes Bank शामिल
  • CS ON DR REDDY’S : Outperform रेटिंग, लक्ष्य `3,055/Sh
  • MS ON SUN PHARMA : Overweight रेटिंग, लक्ष्य `530/Sh

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