Next Creations, Alok Form Joint Venture
Posted on July 30, 2010 by
NEW YORK--Next Creations, parent company of Raymond Waites Design, and Alok International have formed a joint venture called Next Creations Holdings.
Alok is an India-based manufacturer of finished home textiles, fabric, yarn and polyester.
Under the terms of the agreement, Michael Vidra, president and chief executive officer of Next Creations, will assume those positions with Next Creations Holdings. Arun Agarwal, president and CEO of Alok, will become a member of the new company's board of directors--along with Kevin Sapin, Next Creations' executive vice president.
In a statement from Next Creations Holdings, Agarwal said the joint venture makes "a compelling proposition to the retail community." Next Creations completed its acquisition of all the shares of Raymond Waites Design on Jan. 1 of this year.