Himatsingka joins hand with Iconix Brand Group for the Royal Velvet brand

Himatsingka Seide today informed the bourses that it has entered into a licensing agreement with the Iconix Brand Group for the Royal Velvet brand.

This agreement will provide the exclusive licensing rights to the Royal Velvet brand for the territory of North America.

Under this agreement, Himatsingka will design, manufacture and distribute the Royal Velvet brand across multiple home textile categories like fashion bedding, core bedding, utility bedding, bath and bath accessories.

During the recent quarter (Q3FY19), the company's income increased by 12.3 per cent and its EBITDA increased by 37.7 per cent on a YoY basis. Also, its net profit increased marginally by 2 per cent on a YoY basis.

Himatsingka Seide is a home textile company involved in spinning, weaving and finishing of textiles, and manufacturing of other textiles. It is engaged in the business of manufacturing, marketing and distribution of textiles consisting of fabric and yarn. Its geographic segments include India, North America, Europe and others.

On Friday, the stock of Himatsingka Seide closed at Rs. 172.90, up by 3.63 per cent on the BSE. The stock had hit 52-week high of Rs. 400 on April 18, 2018 and 52-week low of Rs. 161.25 on February 19, 2019 on the BSE.