To another question regarding what it was like to do business, in the last one year, particularly after the unfolding of the economic crisis in India and overseas markets, he replied by saying, “Domestic Ready-To-Stitch (RTS) menswear fabric industry has witnessed a rollercoaster ride during last year (2008-09). In the beginning of the year, the outlook of F/Y 2008-09 appeared very promising and positive.
“However, as the year unfolded, H1 delivered on the promise of high growth trajectory amidst positive market sentiments and strong robust domestic demand but during H2 we have seen the pendulum balance of industry growth sliding to other side as the repercussions of global slowdown and bearish market sentiments started taking its toll in Indian market which resulted in form of slowdown in domestic RTS menswear fabric industry.
"Defying the market sentiments our brands (Graviera and Grasim) backed by strong product portfolio & distribution network was able to maintain the momentum of H1 and continued to post high growth rate during H2 of F.Y 2008-09”, Mr Krishnamoorthy concluded by saying.
Fibre2fashion News Desk - India