We are very cautious while accepting long term orders from international players.
With Fibre2Fashion Correspondent Cindrella Thawani, Pradip Karia speaks about the Indian consumers who are stirring with the luxury home furnishing makeover concept.
Synopsis:
Established in 1980, Pradip Overseas is moving ahead with its one-year-old brand and with various home furnishing products.
The company has set a trend and prepared it self to compete by strategic investments in putting
wider width Processing plant, Grey dyeing, printing and finish width.
Pradip Karia serves as the Chairman and Managing Director of Pradip Overseas Limited (POL). He commenced his career in textile business in 1985 while establishing a partnership firm M/s. Anu Impex in the year 1993 to carry out the business of
He was appointed as the Chairman of POL on June 29, 2005 and Managing Director on September 19, 2007.
He was presented with the Indira Gandhi Sadbhavna Award in 2008 as well as Rajiv Gandhi Sadbhavna Award in 2010 by Mr. Dr. Iqbal Singh, Governor of Pondicherry for outstanding individual achievements by Governor of Bihar.
Excerpts:
How do you see home textile market faring in India? Besides, how do you see its demand in tier 2 and metro cities?
Home textile market has seen significant growth over the last four years, all due to the exposure of international trends and brands, which is bringing an extra desire quotient.
There has been an extrapolation of the tier 2 and metro cities with the concept of twin cities, which is bringing more exposure to branded concept in the home textile market.
According to reports, brands like Valentino, Ralph Lauren and Armani are waiting to make an entry into this segment. Where do you see your company stand ahead of these competitors?
We as a brand are positioned in the middle upper, lower upper and upper middle segment of the market, which forms the chunk of the Indian market.
Brands mentioned above are in the upper premium to premium category, which is a very small slice of the market whose growth is only 10 percent on an annualized basis, compared to a growth of 20 to 25 percent in the segment that we are catering to. Therefore, we do not think it will be a competition to us.
Where do you see target audience for your one-year-old baby brand of home furnishings?
There is an immense opportunity presently for a new baby to grow. Besides, Indian consumers are awakened to the fact that home makeover is a subject of necessity.
Moreover, with the increase in disposable income amongst the Indian diaspora, along with the new generation of Indian buyers who are significant in numbers in the age group of 25 to 35 years. Hence, we see target audience here. And, currently about this statistics, we see it as the youngest country in the world of all average age in other nations.
You are expanding your steps with garment, and then denim etc. Please enlighten us about your further moves in upcoming time span?
The expanding on this segment would mainly depend on the economic sustainability in the global market.
What is your definition for sustainability? And, where do you see the factor of sustainability as an improving or an impacting element on environment?
A clear definition of sustainability in textile industry is to maintain the profitability in business throughout the business cycle. The cotton textile industry is mainly dependent on the cotton crop globally.
The entire cycle brakes due to crop failure in the cotton grower countries. It has been observed that every three year cycle of crop failure happens in couple of countries’, which imbalances the prices of cotton and consequently impacts textile industry.
Can you please explain the fundamentals, how and why luxury home furnishing can stay as a lucrative option?
Luxury home furnishings is originated from the home makeover concept, which is prevalent in the western country where in a complete package is created in conjunction with interior designers who gives complete solution from flooring to ceiling with furnishings being in accordance to the theme of a home.
Luxury furnishings will see continued growth. Besides, Indian consumers has been awakened to this fact of home makeover in a thematic way.
How do you see the impact of global economic slowdown on Indian textile industry and on its exports as well as what measures should be taken into consideration? Please share your outlook.
Global economic slowdown has impacted adversely in Indian market as well. The export and domestic sale has reduced down due to this slowdown. POL is dealing with manufacturing of cotton home linen items. The steep rise and fall in cotton prices impacted a lot to our export and domestic sales.
Textile industry is still facing lots of challenges due to price fluctuation with cotton. The export has fallen down due to economic slowdown and in fall with the cotton prices, globally. We are very cautious while accepting long term orders from international players.
Moreover, we are looking forward to the government of India as well, to provide better sops to the cotton manufacturing industry as a compensatory price mechanism.
You have entered in to the garment as well as denim segment. How do you see its current market growth?
Our presence in this segment is very small, so commenting on this segment will not be justifiable remark.
How does MYCK emphasize its position to offer world-class products at local costs?
Brand “MYCK” personifies as an affordable luxury with a deep rooted Indian persona adjusted to international taste.
Published on: 05/09/2012
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.
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