Mr Avanti Kankaria, Vice Chairman of Kankaria Group adds, “Though there are significant advantages, diversification initially needs huge investments and expenditures; atleast for first couple of years. Workers also need to be trained according to the requirements.”
Most major players consider having complete supply chain extremely beneficial. Mr Girish Dattadaar, Marketing Manager at Kores India elaborates, “As far as textile industry is concerned, raw materials take 65 percent sales cost. Having consistent supply and same products helps the company to attract bigger orders. Frequent changes in product may not appeal to the consumers.”
So, how exactly are these enterprises implementing this strategy? Mrs Nalini, Marketing Head of Stanpacks India says, “Our company is planning to come out with new product. This will then add to the existing product line and its success will provide good exposure.”
Mr Mahendra K Burad, Manager of Nutech Global Ltd discloses, “We have adopted diversifying strategy. Company has recently added polyester viscose cotton range to our polyester cotton segment.”
So in this competitive era diversified product category has become crucial. Recognizing this, most players have started adopting this strategy.
Experts believe that though tough in initial stages, this bears fruits in long-term. However, accurate research and survey prior to any practical move is absolutely necessary. This will provide right approach and determine the success of company's new venture.
Fibre2fashion, News Desk - India
-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)")
