Naru buys Ciao stake

Chennai-based Naru Exports has acquired a major share in Italy’s Ciao World Srl, a garment

retail company. Naru has acquired a 90 per cent share in the Italian company at a cost of Rs 35 crores. Naru will be the 100 per cent sourcing agent for Ciao till the end of December this year and from January 1, 2011, it will take over the operations of Ciao.

Ciao has 100 retail outlets in Italy and Switzerland and has three garment labels. It sells textile products for men, women and children. It was sourcing its garment needs from Bangladesh, China, Sri Lanka, India and Indonesia so far. Naru Exports has a garment facility in Tirupur and weaving and denim garment units in Chennai. It plans to have its retails outlets in India by 2012. It is also planning for a tie-up with the Italian brand Irge. Naru Exports was established in 1998 and they specialize in supplying customers with quality garments. Their business has developed rapidly and exports have almost tripled in the past three years. They are one of India's leading exports companies in cotton garments based in Chennai.