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OCM India to enter apparel segment by FY'13
22
Mar '12
OCM India Limited, one of the largest worsted fabric retailer and manufacturer in India, plans to penetrate in the readymade garments space in India by the end of next fiscal, as a part of its strategy to revamp its brand image.

The company's image makeover plans include increasing its product range and production capacity, while boosting its retail presence.

Initially, the company would introduce a range of formal wears including shirts, jackets and trousers, which would be followed by unveiling of semi-formal and casual wears in a gradual manner.

The worsted suiting fabric player also intends to grow its retail stores network from the current 15 stores to 40-50 exclusive outlets over the next three years, OCM's Chief Executive Officer, SK Singhal, said while announcing the company's retail expansion in Gujarat.

He said that even though the branded garments segment continues to post double-digit growth, it consumes no more than 15 percent of the country's overall fabric volume.

Speaking on expansion plan in Gujarat, he said, over the next one year, the company plans to launch four new exclusive outlets in Gujarat's Ahmedabad, Surat and Vadodara cities.

OCM is also working to add another one to two million metres per annum production capacity to its already existing capacity of 7.5 million metres, with an outlay of Rs. 150 million, he revealed.

The company, which exports around one-third of its products to markets like the EU and the US, also intends to boost its revenues from the current fiscal's projected 1.35 billion to Rs. 3.5 billion by the end of next fiscal.

Meanwhile, OCM's sales volume is also expected to grow from the present 5.5 million metres per annum to 6.5 million metres per annum by the end of next fiscal.

For brand makeover of its worsted, synthetic and cotton suiting fabrics, OCM is focusing on youths in the age group of 25 to 30 years. For the purpose it has launched synthetic and cotton collection in a revised price range starting from Rs. 300 per metre.

It is for the first time since its establishment in 1924 that OCM has initiated a drive to revamp its brand image.

OCM India Limited is currently a part of WL Ross & Co. LLC, a PE player who acquired the company for Rs. 1.86 billion or US$ 37 million from the Birla Group in 2007.

Fibre2fashion News Desk - India

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