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Garment Mantra Lifestyle diversifies into other products

06
Jan '21
Pic: Shutterstock
Pic: Shutterstock
Garment Mantra Lifestyle Limited (formerly Junction Fabrics & Apparels Ltd), the Tiruppur-based company engaged in the business of garment manufacturing and selling of both knitted fabrics and knitted garments, is widening its horizons by diversifying its portfolio beyond garments into products such as fashion accessories, electronics and home appliances.

Garment Mantra has already established its strengths in the garment segment by sourcing quality fabrics from larger brands at a healthy discount and offering quality products at a competitive price to its consumers. Taking forward this sourcing capability, the company is in the final process of acquiring Twenty Twenty Trading LLP 'Price Mantra', which is into the retailing business, Garment Mantra said in a press release.

The USP of 'Price Mantra' is to source the branded products at much cheaper rate to the MRP. Leveraging on the same model, the company has now widened its product categories from garment and added various new products like electronics, home appliances, fashion accessories, etc in its portfolio. With this diversification plans in place, the company has entered into its first bulk order purchase worth of ₹110 million, at a steep and huge discount to its MRP, the release said.

The bulk order procurement of ₹110 million includes diverse products like garments, electronics, home appliances as well as fashion accessories. The company is likely to market these products through its integrated platform which would leverage its existing sales network for garments and new products category will be sold through mix of B2B and B2C platform.

For B2C, the company will be utilising Price Mantra platform and for B2B, the company would be leveraging on its relationship with the existing customers. The new business model will be the major growth driver as well as margin accretive for the company. "Going forward, the company is going to scale up this business substantially as the company is in the final leg of integrating entire Group operations. Furthermore, the company’s operations are based in Tiruppur which is one of the largest sourcing markets for huge numbers of wholesalers and retailers across the country and also from international markets. This will also help the company as there is a huge footfall of the wholesale buyers which come across to source their products. It would be easier for the company to market these products and establish its foothold in the new product segments as well," the release added.

“We at Garment Mantra are delighted to update our stakeholders about our diversification into the new products segments. Recently, the company has procured bulk of various branded products such as garments, electronic products, fashion accessories and home appliances. This is the major leap forward in order to diversify our business. We are very optimistic about this model where we have planned to sell these products through our both the platforms, B2B as well as B2C. Moreover, we have locational advantage as well. We are in the process of acquiring our group companies and that will help us in expanding our business substantially in coming years.

“We would be one of the only organised and listed company to adopt this unique model of bulk purchase of branded products at steep and huge discount to the market price. We endeavour to fulfil the brand aspiration of every Indian by offering them products across categories at highly competitive price. Our unique business model is one of its kind in the organised segment, which is highly scalable. We have already demonstrated similar model in the garments category through our retail venture – Price Mantra and would now replicate the same across various categories like electronics, home appliances and fashion accessories. We are very optimistic about the new diversification and would drive substantial growth for our company in coming years,” said Garment Mantra chairman and managing director Prem Aggarwal.

Fibre2Fashion News Desk (RKS)


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