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What trends dominate the Indian denim market? Which trends are going to rule in the coming years?
The Indian denim market has evolved over the years and become need-based. Due to the retail revolution, denim has become both affordable and fashionable. With Indian production of about 1 billion metres and consumption of 700-800 million metres, India has embraced the denim revolution. In addition to being a casualwear and fashionwear, denim has crept into the boardroom as well.
In spite of a robust growth in the denim segment, India's per capita consumption is among the lowest in the world-at 0.3-0.4 pairs. China's per capita consumption is at 1.8-2.0 pairs, and that of the US is 8 pairs. Changing Indian demographics, increased disposable income and globalisation aids in the forward growth of the denim industry. Denim is penetrating deeper among women in the metros and mini-metros, especially among the younger generation. Even working women in smaller cities have started accepting denim as a casual outfit. The growing focus of retailers and brands on women's denim will contribute to its further penetration.
What technological innovations, if incorporated, can increase production manifold in the Indian textile industry?
The industry needs funds for research and development of new machines, which are much faster and help the industry introduce new eco-friendly products for future use. We need proactive action policy from the government that can make the Indian textiles industry global. We should swiftly align with international trade groupings like ASEAN, Chinese-led grouping called the Regional Comprehensive Economic Partnership (RCEP), US-led Trans-Pacific Partnership (TPP), etc. We should tweak fiscal policies to attract FDI in the sector.
What USP in your products can help increase your share of the export market?
We are one of the low-cost producers of polyester viscose (PV) fabrics, with a databank of innumerable shades and colours. We have the best of technology in seamless manufacturing. We are also ramping up our denim capacities by 8 mmpa.
What are your expansion plans in the value-added products category?
The company is currently implementing a Rs 198 crore expansion plan, which is funded by a term loan of Rs 157.50 crore and balance by internal accruals. The project envisages installation of 26,736 spindles of polyester-viscose dyed yarn, 74 imported airjet shuttleless weaving machine, one denim line and a two MW solar project. The project activities are in progress as per schedule.
What is the retail strategy followed in your organisation?
We have a strong distributor and MBO layout, with focus strategies in EBO, franchisee model and modern retail trade.
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