Interloop Limited, a leading Pakistani textile company, has announced the completion of its acquisition of a 64% equity stake in Top Circle Hosiery Mills Co, a US-based hosiery manufacturer with a subsidiary in China.
The deal was finalised after securing all corporate and regulatory approvals, according to a filing on the Pakistan Stock Exchange (PSX).
The acquisition is part of Interloop’s strategy to enhance its shareholders’ value, strengthen its position in the global market, and contribute to its long-term sustainability.
Top Circle will now operate as a subsidiary of Interloop, which is one of the world’s largest hosiery manufacturers.
Interloop’s acquisition may help the company diversify its revenue sources and mitigate the impact of inflation.
Interloop is a Pakistani textile company that specializes in hosiery, denim, knit apparel, and active-wear for various international brands and retailers. It supplies socks and leggings to retailers consisting of Nike, Adidas, H&M, Puma, Levi’s, Reebok and Target.
It was founded in 1992 by Musadaq Zulqarnain, Navid Fazil, and Tariq Rashid, and has grown to become one of the world’s largest hosiery manufacturers.
In 2019, it raised more than Rs 5 billion through Pakistan’s largest private sector IPO, and in 2021, it announced its Vision 2025 plan to expand its capacity and offer value-added services to its customers.
Top Circle Hosiery Mills Co is a US-based hosiery manufacturer that produces socks for the world’s leading brands.
It was established in 1992 by Jerry Zhao and Leon Song in Long Island City, NY, and later moved to a new location in Weissport, PA, where it upgraded its knitting machines and finishing equipment.
It also has manufacturing operations in Shanghai, China and near Accra, Ghana, to cater to its customers’ diverse and ever-changing needs.