Welspun To Domestic Market For Its Brand Spaces
Textile firm Welspun India has turned its focus from exports to the domestic market for its premium brand Spaces in bed and bath category. The company has recently appointed actress Parineeti Chopra as brand ambassador as part of its plan to increase revenue from Spaces to Rs 200 crore.
The company, part of the Rs 25,000 crore Welspun Group, whose Rs 5,000 crore turnover comes from textiles division, is taking steps to bring all its global collections under one umbrella of its own brands for India region.
“There is a lot of potential for innovative products in the country which consumers have never imagined but after creating awareness they feel the need for such products,” Subrata Pal, senior vice president, Welspun India said.
The company sees huge potential in “performance-based” products, which has led it to invest Rs 75-100 crore in research and development every year. It has also tied up with various institutions such as MIT, Harvard and others in the United States and filed applications for 10-12 patents.
After investing heavily in product design, the next crucial step the company is planning to focus on spreading its distribution channel network exponentially in order to reach out to tier 2-3 cities where it is still not present.
About the competition from other players in the market, Pal said the home market will follow a similar trend as the apparel market where customers have shown a paradigm shift from the unorganized market to the organised one.