One of India’s largest producers of textiles, Bombay Dyeing and Manufacturing Company to revive its textile retail business have drawn up a major strategy for a turnaround in 2017-18.
The company is aiming at revamping the loss making flagship textile business by investing in the brand, expanding store network, growing product portfolio and tying up with international designers. Admitting that competition from cheap imports from China and the unorganized sector had rendered its factories unviable.
“Manufacturing will be outsourced. From now till 2020, the Wadia Group-owned company plans to invest more than Rs.100 crore in the brand, double its multi-brand outlets to 10,000, more than double its franchise stores to 500 and introduce 3-4 new products every year,” said Nagesh Rajanna, CEO, Bombay Dyeing.
These measures would help the segment treble its revenues to Rs.1,000 crore by fiscal 2020 from Rs.305 crore last year. The retail in textile segment currently contributes 17 per cent to the company’s overall revenue. It will expand to 33 per cent by 2020. Moreover, the market share in eastern India could be enhanced from 12 per cent at present to over 20 per cent.
Bombay Dyeing is also planning to set up its in-house design studio and system for high-tech digital print to boost production in premium segment. Tie-up is also being made with e-commerce companies like Amazon, Flipkart and Snapdeal to reach the product at the customer’s doorstep.
Apparel and Textile News, Apparel Talk, Indian Apparel
