10 May 2012 | 11:41 am | 1 min. read
International law firm Pinsent Masons has advised long standing client Asda Wal-Mart on Asda's acquisition of the sourcing division of a partner company which supplies clothes for its George range. Asda has acquired an arm of GAAT, part of Istanbul-based Turkmen Group, which manages the production of clothes in countries including Turkey, Sri Lanka and Egypt.
GAAT is based in Istanbul, Turkey, and has played a key role for more than a decade in building George at Asda's position as one of Britain's favourite fashion brands.
GAAT, George's largest supplier, worked with over 80 manufacturers to manage garment production prior to the acquisition in key locations including Turkey, Sri Lanka and Egypt.
In the current economic climate, when customers are more focused on value than ever, this acquisition will enable George to continue to seek efficiencies in its world class supply operation.
The acquisition reflects similar moves Asda has already made elsewhere in its business to find smarter ways to serve customers with even better quality at a lower cost. In 2009, it acquired International Produce (on which Pinsent Masons also advised), which now sources fruit and grocery items for the UK business as well as other countries where Wal-Mart trades.
The Pinsent Masons team advising on the deal was led by Corporate Partner Andrew Black, assisted by Corporate Senior Associate Alan Chan and Corporate Solicitor Lucie Miller. Commenting on the deal, Alan Chan said: "It has been a pleasure working with such a dynamic team on this transaction and we are delighted to have assisted Asda with a deal which promotes their continued focus on customer satisfaction. The George label is already a household name and it is rewarding to be involved in the latest development of the brand."
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