Right and left, all companies are diversifying their products these days. Yes, this has become crucial for enterprises, especially to maintain their position in the global market.
Infact, growing number of FTAs, policies and pacts, concessions and schemes on several product categories, is also spurring companies to diversify. Textile industry is also adopting this policy, with many raw material manufacturers diversifying into retail and real-estate.
Mr Saurabh Tayal, Chairman of KSL Industries explains to Fibre2fashion, “It has become essential for companies to diversify their products to overcome the unforeseen ups and downs in the business. In other words, having a diverse product portfolio helps organisations avoid a slump in trade. Secondly, companies can explore various opportunities that may not be possible in a single product profile. Thus, diverse product profile is a strategy in disguise for fuelling organisational growth on a sustainable basis.”
Mr Gautam Kanoria, Managing Director of Wearology Ltd believes, “Most of the companies that opt for a diverse product profile are export oriented. Due to appreciation of rupee exporters are struggling and looking for different means to make up for their losses.”
Mr Narayan, Head Retail Merchandiser at Provogue talking about the advantages of this strategies says, “This strategy helps to expand the business and also generates new opportunities to gain higher position and survive in the competitive market. However, if the product or category fails, it would create problems for the firm, especially since the expenditure will have to be raised.”
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
