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Co-optex expects record Rs 10bn sales in 2011-12
16 Apr '12
2 min read
The Tamil Nadu Handloom Weavers' Co-operative Society, popularly known as Co-optex, is expecting to cross the Rs. 10 billion mark in sales during the just concluded fiscal year 2011-12.
In 2010-11, Co-optex grossed a turnover of Rs. 9.04 billion, including retail sales of Rs. 1.98 billion. In fiscal year 2011-12, the organization is expecting to cross turnover of Rs. 10 billion with retail sales of Rs. 2.16 billion, Mr. Vijay Pingale, Managing Director of Co-optex, said.
Co-optex posted net profit of Rs. 260 million in 2010-11, compared to Rs. 220 million in 2009-10. The figures for 2011-12 are yet to be released.
Co-optex has 203 outlets across India and its recently launched 'Buy 2 Get 1 Free' scheme has been a hit with shoppers.
The organization, which is mainly into retailing, selling yarns and supplying to government schemes like saree-dhoti and school uniform distribution, is currently refurbishing its stores to attract the younger generation. It has already unveiled contemporary outlets in Mumbai, Bangalore and Erode.
Moreover, Co-optex is currently in the process of shifting the location of under-performing showrooms to commercially viable areas.
Co-optex has unveiled an 'International' showroom in Chennai, which offers several trendy quality products other than sarees, including home textiles and accessories. The organization will be opening more such 'International' outlets in other metro cities of India, with the next one scheduled to come up in Hyderabad.
In 2010-11, Co-optex grossed a turnover of Rs. 9.04 billion, including retail sales of Rs. 1.98 billion. In fiscal year 2011-12, the organization is expecting to cross turnover of Rs. 10 billion with retail sales of Rs. 2.16 billion, Mr. Vijay Pingale, Managing Director of Co-optex, said.
Co-optex posted net profit of Rs. 260 million in 2010-11, compared to Rs. 220 million in 2009-10. The figures for 2011-12 are yet to be released.
Co-optex has 203 outlets across India and its recently launched 'Buy 2 Get 1 Free' scheme has been a hit with shoppers.
The organization, which is mainly into retailing, selling yarns and supplying to government schemes like saree-dhoti and school uniform distribution, is currently refurbishing its stores to attract the younger generation. It has already unveiled contemporary outlets in Mumbai, Bangalore and Erode.
Moreover, Co-optex is currently in the process of shifting the location of under-performing showrooms to commercially viable areas.
Co-optex has unveiled an 'International' showroom in Chennai, which offers several trendy quality products other than sarees, including home textiles and accessories. The organization will be opening more such 'International' outlets in other metro cities of India, with the next one scheduled to come up in Hyderabad.
Fibre2fashion News Desk - India
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