Rupa & Company shares surged nearly 20 per cent on Monday after the knitwear maker on Friday said its arm Oban Fashions has acquired the exclusive licence from French Connection for manufacturing and sale of innerwear brand ‘FCUK’ in India.
The share price of the company closed 19.56 per cent up at Rs 328.20. The scrip opened at Rs 314.50 and touched a high and low of Rs 329.40 and Rs 305.10, respectively, in trade. Sensex closed 348 points up at 25,022.
In a BSE filing, Rupa & Company said, “Oban Fashions Private Limited, a wholly-owned subsidiary of Rupa & Company Ltd, has on April 07, 2016, entered into a definitive License Agreement with French Connection Limited, whereby the said subsidiary has acquired the exclusive license from French Connection Limited to develop, manufacture, marketing and sale of the innerwear and related products with the Brand name ‘FCUK’ in India.”
According to information available on the website of French Connection (FCUK), the company, which entered India in 2008, has opened 55,000 sq ft of retail space over 240 points of sale across 53 cities.
(With agency inputs)