INVIYA® Spandex, established in 2012 by Indorama India and part of the US $ 27 billion Indorama Group, holds a leadership position in the Indian spandex market and is a significant player in the Indian subcontinent. It has a global presence in over 20 countries, including Bangladesh, Sri Lanka, Indonesia, Turkey, Egypt, Latin America and others. Indorama India’s INVIYA® boasts a total annual capacity of 25,000 tonnes. The company offers a comprehensive range of spandex products under the brand names INVIYA® (conventional), BLACK (black), ECOModa100TM (100 per cent recycled) and SnugFit® (diaper-grade) as well as SnugFit® Blue (coloured diaper-grade). Additionally, the company provides other speciality spandex products such as ultra-fine deniers like 10D/15D.
In an off-the-cuff chat with Apparel Resources, Sandeep Shelke, CEO, Spandex Business and CMO Shalendra Vasudeva provided insights into various aspects of INVIYA® Spandex, including product portfolio, sustainability initiatives, market outlook for spandex, plans for capacity expansion and more.
AR: Provide us with an overview of your company’s journey and walk us through your portfolio, including both regular and specialty products.
Sandeep: Our journey over the past decade has been quite eventful and we take pride in our stewardship of spandex yarns. I am proud to say that we were the first company in the Indian subcontinent to venture into manufacturing of spandex to support the growing appetite of the Indian textile industry for producing high-value products.
We provided freedom to Indian customers by offering this product produced in India. We carefully chose the tagline ‘The new freedom fibre’ which aptly captured the essence of our offering. Before our facilities came into operation, the entire quantity of this product used in the country was imported. However, we changed the game by making it readily available to customers of all sizes and at all consumption centres across India.
We backed this up with our technical and application development team, who worked tirelessly to develop new applications. Our aim was to assist Indian customers in producing high-value products using domestically sourced raw materials. INVIYA® has a global presence and we have customers in neighbouring countries like Bangladesh and Sri Lanka who utilise our products. Additionally, even customers in far-flung areas like South America rely on INVIYA® to create value-added, high-end products in fashion and lifestyle categories.
Shalendra: I would like to add that apart from products for clothing/textiles, we also cater to applications in the hygiene industry under the brand name SnugFit®, used for baby and adult diapers. In the textile and clothing segment, we offer a wide range of products, from ultrafine denier to coarse denier. These products find applications in various items, including intimate apparel, elastic bands, athleisurewear, denim and more.
AR: How are you increasing the use of spandex through category development?
Sandeep: At INVIYA Spandex, we’re dedicated to pushing the boundaries of spandex applications across various categories. To begin with, we consistently invest in R&D to explore and develop new polymers that can cater to diverse industries. Our dedicated team at the Polymer R&D Center works tirelessly to identify emerging trends and consumer demands, allowing us to develop innovative spandex polymers that meet the evolving needs of the market. For instance, we are the only company in the Indian subcontinent to produce spandex meant for hygiene applications.
We also actively collaborate with industry partners, including mills, fashion designers and institutions, to drive awareness about the benefits of spandex for comfort. These collaborations span various areas such as Global Brands Partnerships, Value Chain Engagement and Fashion Institute Engagement. In fact, one of our key projects, INVIYA® Emerging Fashionista, involves collaborating with 16 National Institutes of Fashion Technology (NIFTs). By fostering strategic partnerships, we are leveraging collective expertise to drive category development and expanding the usage of spandex across different sectors.
Shalendra: We also prioritise educating consumers and businesses about the benefits and versatility of spandex through targeted marketing campaigns industry events and educational initiatives. By increasing awareness about the unique properties and applications of spandex, we aim to stimulate demand and encourage its integration into a wide range of products and industries.
We also collaborate with Indian brands to strengthen our presence in the domestic market and cater to the specific preferences of Indian consumers. By partnering with reputed Indian brands, we gain insights into local market dynamics and consumer trends, enabling us to develop tailored spandex solutions that resonate with Indian consumers.
We participate in various expos, where we showcase our products, invite collaborative ideas and work on those with the objective to provide value to the customers. As we journey through this process of co-creating projects, many exciting developments are bound to unfold.
AR: What sustainable offerings is your company focusing on and what are your plans for introducing newer launches?
Sandeep: At INVIYA® Spandex, we’re dedicated to sustainability. We’re continuously working on products and processes that are eco-friendly and meet the highest global environmental standards. Our latest innovation, ECOModa100TM, launched in 2023, epitomises this commitment. By recycling pre-consumer spandex waste and transforming it into high-performance spandex, we’re reducing carbon footprint and promoting circularity in the textile supply chain.
ECOModa100TM uses state-of-the-art technology and process know-how developed through continuous R&D with the help of renowned process technologists and spandex polymer experts. ECOModa100TM matches the performance of regular spandex and holds RCS 100 (Recycled Claim Standard) and EU REACH certifications. With its environmental benefits, performance parity and market credibility, ECOModa100TM is poised to lead positive change in the fashion industry. Moreover, our Bio-Spandex product is currently under development and is expected to be launched soon.
Shalendra: Sustainability is a cornerstone of our manufacturing and business ethos. We’ve consistently prioritised offering products with reduced carbon footprints by utilising renewable energy at our facilities. Additionally, we’ve honed our expertise in producing RCS-certified pre-consumer 100 per cent recycled spandex, providing consumers with stretch solutions comparable to
virgin spandex.
AR: What is the outlook for spandex from your perspective, considering market trends and future projections?
Sandeep: While the past year-and-a-half has seen a somewhat slower pace both in demand and prices, the spandex market still remains dynamic and promising, both domestically and in export markets. As consumer preferences increasingly prioritise comfort and performance, end applications such as comfort wear, casualwear, yoga wear, gym wear, jogging pants, athleisure, sportswear and emerging applications are expected to be promising avenues for growth.
Shalendra: If you look at the global spandex fibre market, it is anticipated to witness a steady growth trajectory, with a projected CAGR of 5 per cent from 2024 to 2030. Meanwhile, the Indian spandex market is experiencing faster expansion, with a projected CAGR of 10 per cent during the same period. With its inherent properties of elasticity, durability and comfort, spandex continues to play a pivotal role in meeting the evolving needs of consumers across diverse industries.
Looking ahead, we anticipate ongoing innovation and expansion within the spandex market, driven by shifting consumer preferences and the exploration of newer applications.
AR: What are your company’s plans for expanding capacity in future?
Sandeep: In early 2023, commercial production commenced at our third unit in Baddi (Himachal) marking a significant expansion of our production capacity. Over the past decade, we’ve increased our capacity by fivefold since our inception. Presently, our focus lies on consolidating our existing capacity, with a keen emphasis on developing differentiated and sustainable products.
Shalendra: Going by the business philosophy of Indorama Corporation, we keep a vigilant eye on emerging opportunities in this segment and when we sense the turnaround in textile/clothing industry, we shall not shy away from growing our capacity.
AR: What is your perspective on the Bharat Tex ’24 event and its potential impact on India’s apparel sector?
Sandeep: I believe the Bharat Tex ’24 exhibition stands as a testament to India’s remarkable textile industry. This grand event, undoubtedly the finest of its kind in our nation’s history, owes much of its success to the unwavering support of the Hon’ble Prime Minister and Ministry of Textiles. Their backing has paved the way for a platform where global buyers can converge to explore, appreciate and engage in bringing global brands and programs to India.
The event has undeniably helped reshape perceptions, highlighting India as a large and important hub for top-quality fibres, yarns, fabrics, apparel and accessories.
Shalendra: It was truly an exemplary event organised by multiple textile and export promotion councils, with strong support from the central government, trade partners, academia and other stakeholders. The event showed how much we can accomplish when we all work together towards the same goal. I’m confident that the next edition will be even more inclusive. I believe it has the potential to evolve into a highly sought-after global rendezvous within the next five years.