Interloop buys US sock maker to ‘strengthen position’
04/12/2023
Top Circle also has a manufacturing subsidiary in China.
It will now operate as a subsidiary of ILP.
Interloop said: “This strategic move represents a significant milestone in our ongoing efforts to enhance shareholders’ value, strengthen our position in the global market, and ultimately contribute to the long-term sustainability of our company.”
Interloop is targeting a revenue of $700 million to be achieved by 2026. Towards the end of FY24, the management expects topline to touch $550 million. The capacity utilisation of hosiery, denim, apparel, and activewear during FY23 stood at 75%, 71%, 29% and 29%, respectively.
The group reported a 1QFY24 net profit after tax of PKR6.0bn, up 22% year over year.
Image: Top Circle’s facility in Weissport, Pennsylvania.
Share this story:
