Divatex founder Avi Gross stepping down
HTT Staff -- Home & Textiles Today, 7/23/2012 12:54:41 PM
New York - There is a change of leadership coming to Divatex at the end of this month when founder Avi Gross will step down as president and ceo of the company, one of the top home textiles suppliers in the United States. He will retain his seat on the board of directors.
Founded in 1990, Divatex in 2007 sold an 80% stake to The Himatsingka Group, a vertically integrated home textiles manufacturer based in India. The leadership transition is in accordance with terms agreed upon at the time of the acquisition, according to the company.
Vice chairman Shrikant Himatsingka will take over management duties previously handled by Gross.
"I am happy to be transitioning the management of Divatex at such a strong point in our company history," said Gross. The company posted record sales for its financial year ending March 31, according to the announcement about the change.
"We have been through an interesting period of growth and I am certain that under Shrikant's leadership, Divatex will continue to hold the top position in the industry," he added.
Said Himatsingka: "It has been a pleasure to have worked together with Avi over the years, and I would like to thank him for his contribution toward the growth and development of Divatex.'
Divatex was hailed in HTT's "Greatest Sheet Constructions" feature in Dec. 2011 for its pioneering role in popularizing jersey sheets. Divatex has ranked among the Top 5 suppliers of sheets to the U.S. market for many years and is among the Top 15 suppliers of overall textiles.
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