In a series of steps to bolster its business in India, apparel and textile company – Arvind Limited, is now aiming to increase the use of its own fabric in making garments internally from current 10 per cent to 40 per cent. This was reportedly revealed by Aamir Akhtar, Chief Executive – Denims, Arvind Limited.
The move can be seen as a part of its strategy of the textile major who is planning to amplify its textile business from current Rs. 6,000 crores to Rs. 10,000 crores in the next five years. The textile company has already announced an investment of around Rs. 1,500 crores, in a bid to achieve its business goals.
The country’s leading denim manufacturer has even started adding capacities of 1 million metres per annum and it speculates the production of 1 million garments in-house monthly in the next five years, informed Akhtar.
The textile conglomerate currently has 40 per cent market share in the organised denim market and is growing by 8-10 per cent annually. With its plans in place, the company now plans to make it to 15 per cent growth rate.
Additionally, Arvind Limited is also looking to expand its capacities in its existing units and set up new ones in the next few years. It has even inked MoUs recently with Andhra Pradesh, Gujarat and Jharkhand, to set up apparel manufacturing facilities in these states.
Markedly, the company reported a revenue of Rs. 2,706 crores in the third quarter of the previous fiscal and is optimistic to continue the growth trend in the next quarter as well.
Last month, it also showcased its exclusive denim collection named ‘GRAVITY’ at its annual event called Arvind FESTIVE 2018 where futuristic denim technology brands, Chrome Cord, Hybrid Chinos, E-Indigo, Boomerang Bounce and Boomerang 360, were also launched during the event.
Arvind Ltd., which is also in the process of demerging its branded apparel and engineering businesses, is expecting to continue its overall CAGR growth of 16 per cent and above in the time to come.
