William Penn, which started off as a retailer and distributor of writing instruments and makes products under the Pennline brand, will take over Sheaffer’s manufacturing, marketing and retailing across 75 countries including the US, the UK, Mexico, Malaysia, Thailand, South Africa, Japan and India. Its acquisition of Sheaffer from A T Cross Company involves the Sheaffer brand’s complete product portfolio and licences, including premium pens, journals and gift sets.
“At William Penn, we see the current acquisition as a remarkable opportunity to further build on the preferences and tastes of Indian customers, while also factoring in global needs during the product development of new Sheaffer models and lines. The US brand enjoys a 15% market share in the premium writing instruments (pens above $10) segment in India. We hope to double this market share and plan to make India the number 1 market for Sheaffer in the next three years,” said William Penn founder and MD Nikhil Ranjan.
The company is expecting a 30% YoY growth after this acquisition and is currently clocking a revenue of around Rs 100 crore, he added.