Home / Knowledge / News / Textiles / 'We expect 2009 to be a better year' – Mr Bhatia, Abhishek Inds Ltd
'We expect 2009 to be a better year' – Mr Bhatia, Abhishek Inds Ltd
03
Oct '08
Mr. Rajneesh Bhatia, President, U.S. Marketing, Abhishek Industries Ltd.
Mr. Rajneesh Bhatia, President, U.S. Marketing, Abhishek Industries Ltd.
In this second part of our series on the turmoil in the US economy affecting exports from the Indian textile and garment industry and to provide our readers a better perspective on the situation from honchos of leading export companies, we at fibre2fashion spoke to Mr. Rajneesh Bhatia, President, U.S. Marketing, Abhishek Industries Ltd., India.

Abhishek Industries Ltd. is a part of the well diversified North India based Rupees 15 billion Trident Group which has interests in textiles, chemicals, energy and paper and has operations spanning across 40 countries with a ratio of 50 percent in export sales to net sales. Within the textiles category, the group has two divisions: terry towels and yarn.

Abhishek Industries Ltd has recently won the silver prize at the recently held Texprocil awards ceremony for the second highest exports in the terry towels category and is also a recipient of many other awards including coveted SAP ACE (Award for Customer Excellence) - 2007 award for Best Textiles and Apparel Sector Implementation in the category of Midsize Enterprises.

Among other awards Abhishek has also received four times the "International Supplier of the Year” award from Wal-Mart, USA and “2006 Supplier of the Year" award from JC Penney Corporation.

Fibre2fashion: How do you foresee the effect of financial turmoil in US affecting Indian textile sector?

Mr Bhatia:
The current financial crisis is generic and impacting the economy as a whole. The immediate impact would definitely be low availability of funds so we may not see much inorganic growth for a while of Indian companies in the US. The recent acquisitions that were conducted through the financial houses that are under question may also come under some strain. The more pressing concern for the Indian Textile sector is the dollar movement that has been erratic. Most companies in this sector dependant on exports have not been able to leverage the rising dollar rates to the best possible advantage.

fibre2fashion: Is there a significant change in demand from US customers in recent past due to the crisis in financial market?

Mr Bhatia: Demand in the US has been sluggish for quite a while and this phenomenon is not limited to textiles only. Despite a slowdown some products in respective categories have shown customer preferences and still have come out as winner in such a scenario. The good news is that we hear encouraging reports in the market and expect 2009 to be a better year.

Fibre2fashion: Do you think that focusing on European countries rather than US would be beneficial for Indian companies?

Mr Bhatia: Changing focus is not the answer. US is still a very lucrative market for the Indian sector. Many European countries also prefer to transact in US dollars that limits the hedging of the risk. Some Indian companies have grown phenomenally in size and same has been done keeping in mind retailers like Wal-Mart and Target as we do not have similar consumption patterns anywhere in the world as these retailers have owing to their size. As US dependent organizations try to focus on other parts of the world to mitigate risk it is sure that they will as a strategy not like to lose focus on what their potential can be in US.


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
77.1%
No
12.9%
Skip
10.0%

Total Votes: 70

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.4%
No
28.6%
Skip
10.0%

Total Votes: 70

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.7%
No
10.0%
Skip
4.3%

Total Votes: 70

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.7%
No
11.4%
Skip
12.9%

Total Votes: 70


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search