Siyaram Suitings, a textile major in blended fabrics, will soon launch three mid-range brands.
The company, with net sales of Rs 860 crore in the last financial year, is expected to launch Royal Linen, Moretti and Zenesis, thus taking its count from five brands to eight. The other brands under Siyaram Suitings is Siyaram's, J Hampstead, Mistair, Siyarams's MSD and Oxemberg.
Royal Linen will deal with linen fabrics for men and women, while Morettie will be a cotton shirting brand. Zenesis, will lay emphasis on cotton suitings.
Although, the brands will be launched all over India, the company plans on increasing presence in Rajasthan, Maharashtra, Uttar Pradesh and Bihar, as tier-II and tier-III cities there, are better markets for the company.
Most of the sales for Siyaram is done via multi-brand outlets and less than 10 per cent of sales comes from franchisee outlets. “This year, we plan to increase net sales to Rs 900 crore and Rs 1,100 crore by the next financial year,” Ramesh Poddar, vice-chairman and managing director of Siyaram Suitings told Business Standard.
The company also plans on increasing capacity by one million metres of fabric every month at Silvasa and by 100,000 pieces of garment every month at Tarapore. At present, the capacity is at 3.5 million metres and 250,000 pieces of garments are made every month.
Although Siyaram is present in the export market, its core business is still in the domestic market, out of total net sales of Rs 900, exports only comprise Rs 50 crore. Major export destinations for Siyaram's fabrics are the Middle East and Bangladesh.
In the past year, Siyaram's has started a small division in furnishings and curtains.