Bombay Dyeing and Manufacturing Company, one of India’s largest producers of textiles, has drawn up a major strategy to revive its textile retail business and is looking for a turnaround in financial year 2017-18.
“Manufacturing will be outsourced. From now till 2020, the Wadia Group-owned company plans to invest more than Rs. 100 crore in the brand, double its multi-brand outlets to 10,000, more than double its franchise stores to 500 and introduce 3-4 new products every year,” said Nagesh Rajanna, CEO, Bombay Dyeing.
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These measures would help the segment treble its revenues to Rs. 1,000 crore by fiscal 2020 from Rs. 305 crore last year. The retail in textile segment currently contributes 17 per cent to the company’s overall revenue. It will expand to 33 per cent by 2020. Moreover, the market share in eastern India could be enhanced from 12 per cent at present to over 20 per cent.
The company is also aiming at revamping the loss-making flagship textile business by investing in the brand, expanding store network, growing product portfolio, and tying up with international designers. Collaborations have also come into play with e-commerce companies like Amazon, Flipkart and Snapdeal to reach the product at the customer’s doorstep. It is also setting up its in-house design studio and system for high-tech digital print to boost production in premium segment.