Madhusudan Securities buys Weekender

Weekender the popular garment retail chain is being sold off

to Madhusudan Securities, a public listed finance firm, for Rs 100 crores. Set up in the late 1980s, Weekender was acquired in 2007 by Primus Retail. Primus will continue to have a majority stake in the chain. According to the deal, Madhusudan Securities is acquiring the brand from Ascent Capital (formerly UTI Ventures) -backed apparel retail firm Primus Retail for Rs 100 crores partly through issue of shares that will give shareholders of Primus majority stake in the listed company. Madhusudan will issue 6.14 million fresh shares to equity holders of Primus, whose combined holding will constitute 80 per cent of the expanded equity base. It seems the deal will help Primus list its brand, though it is expected to remain private in the short term as the deal goes through.

Besides, Primus Retail has plans to expand the Weekender business to 200 exclusive stores and 100 shop-in-shops in the next two years. It focuses on lifestyle products -- sports and fashion apparel, accessories and footwear. The Bangalore firm is also a key partner for some international brands such as Levi’s and Adidas. Madhusudan Securities is a Mumbai-based financial services firm. Incorporated in 1982, the company deals in shares and securities, investments etc.  Weekender Kids was launched in 1992 and is one of the most popular and well-established brands in India today. Wholly owned by Primus, Weekender Kids offers a vibrant range of children's clothing that's trendy, competitively priced, and of high quality.