Trident, world's largest terry towel manufacturer, is looking to garner Rs 1,000 crore in sales from the home textiles business in the domestic market by 2020 and double the segment's contribution by up to 20 per cent, a top company official has said.
The Ludhiana-based company plans to add new products which include throws, rugs, pillows as it aims to be a complete home textile brand besides expanding the retail network here.
"We want to become a Rs 1,000 crore domestic brand by 2020 by doubling every year," Trident CEO-India Marketing Rajneesh Bhatia told PTI.
He further said the company wants to achieve these by adding new categories and enhancing brand presence.
The company gets 70 per cent of its sales from the US market, 20 per cent from rest of the world and 10 per cent from the domestic market in the bed and bath linen segment.
"Gradually as we will increase our market share in India the shift will then be 60-65 per cent from the US market, 20- 25 per cent from Europe and rest of the world and around 15-20 per cent from the domestic market in the next 2-3 years," he said.
The company had forayed into the home textiles market along with its first towel manufacturing unit in 1998. In 2016, it had added bed linen to the portfolio.
The Trident group had a consolidated income of Rs 4,847.27 crore in 2016-17.
Trident has become the world's largest towel producer by doubling its towel manufacturing capacity in 2014-15 to 90,000 mtpa, which is 360 million pieces produced per annum, he added.
According to Bhatia, the domestic home textiles market, which is estimated to be around Rs 25,000 crore, has huge potential as the organised segment has only 10 per cent of it.
On Trident group's projection in the domestic market, Bhatia said: "Bed and Bath for was around Rs 125 crore in FY17, and we are expecting to double to Rs 250 crore this fiscal and Rs 500 crore next fiscal."
It also plans to expand its retail footprint to 1,000 points of sales, which are in shop-in-a-shop format by next year from the present 400.
Trident has manufacturing facilities at Barnala, Punjab and Budni, Madhya Pradesh and caters to a customer base of over 100 countries across the globe.
On further investment in manufacturing, Bhatia said: "Currently towel is utilised at 61 per cent and Bed Linen at 55 per cent. At the optimal utilisation levels we can reach Rs 6,500 crore revenues at the current product mix."
The company has invested about Rs 2,700 crore till 2015- 16 and has adding new capacity in yarn, bed and bath linen.
Besides, home textiles, Trident group has interests in yarn, paper, energy and chemicals.
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