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Eye of Dubai
Business & Money | Friday 17 November, 2023 7:37 am |
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UAE’s EIGHTClouds Private Equity Acquires Homegrown Legacy Uniform Manufacturer, Stitches in a Deal Worth over AED 30 Million

EIGHTClouds Private Equity, the prestigious UAE-based firm renowned for backing consumer brands with unique competitive advantages, announced today its acquisition of Stitches, a homegrown UAE legacy uniform manufacturing and production company founded in Dubai in 1995. This acquisition, worth over AED 30 million, marks a key step in EIGHTClouds’ strategy to expand its diverse and influential brand portfolio within the region.

 

Since its inception, Stitches has grown from a modest establishment to a standard-bearer in the uniform market. Operating from its factory and flagship store in Al Quoz, Dubai and a second facility opened in Sharjah in 2023, Stitches provides both standard and ‘made-to-measure’ uniforms. It caters to a large portion of the UAE’s public and private schools, as well as corporate, hospitality, and medical sectors, amongst others.

 

As part of the acquisition, EIGHTClouds plans to triple Stitches’ market share across its manufacturing, retail, and wholesale verticals over the next five years and support the company’s expansion further across the UAE, wider GCC, and beyond.

 

Reflecting on the acquisition, Sharaz Hussain, Co-Founder and Managing Director of EIGHTClouds Private Equity, remarked, "The acquisition of Stitches, with its impressive legacy and market footprint, is more than just a business decision; it's a reflection of our deep-rooted belief in the UAE's vibrant entrepreneurial fabric. Their story, resonating with dedication, growth, and partnership, is the kind of entrepreneurial spirit we aim to foster and elevate on a global stage. Through this collaboration, EIGHTClouds will work closely with the new leadership team to drive the company's growth and expansion across the UAE and enhance its customer experience, while maintaining the brand’s legacy, ethos and quality that customers have come to know and love.”

 

Witnessing the potential within the uniform manufacturing industry, EIGHTClouds plans to invest substantial funds to bring in new cutting-edge technology and machinery, AI and automation tools to optimise processes, increase efforts into R&D, create jobs and enhance the company’s sustainability efforts.

 

"EIGHTClouds acquisition opens up a horizon of growth opportunities for us," remarked Mozy Azam, General Manager at Stitches. "EIGHTClouds' remarkable track record of propelling brands to international acclaim not only means that the legacy of Stitches will flourish, but it also signifies an expanded product range, increased market presence, and abundant growth opportunities for our talented team. I am particularly thrilled about the integration of EIGHTClouds' dedication to Environmental, Social, and Governance (ESG) initiatives, which I view as a critical and transformative step toward a sustainable future. Our shared vision ensures that every member of our team plays a pivotal role in this exciting new chapter, bringing Stitches closer to our clients.”

 

As a member of the United Nations Global Compact initiative (UNGC), the world’s largest corporate sustainability initiative – EIGHTClouds, continues reinforcing its commitment to being a responsible business by ensuring the adoption of sustainable practices across its portfolio of brands. With this recent acquisition of Stitches, EIGHTClouds’ Strategic Advisor, Sustainability, Aruna Narayanan will work closely with the Stitches team to develop a comprehensive Environmental, Social and Governance (ESG) strategy and framework with a  roadmap rolled out from 2024. Some of the initiatives planned include uniform recycling initiatives, as well as expanding its existing range of multi-use items made from repurposed old uniforms, such as bags, toys and stationery. 

 

EIGHTClouds continues to build a strong presence in the investment landscape, with an illustrious portfolio including brands like Chaps & Co, MORE and Eazio. Its ongoing expansion spans sectors like beauty & wellness, hospitality, technology, apparel, and manufacturing, reflecting its belief that the future of consumer brands is being sculpted in the UAE. In line with the EIGHTClouds vision to scale brands from the UAE to the world.

 

 

 

– ENDS –

 

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