Grasim Textiles is expecting a growth of 15-20 per cent in its retail business. The company is also planning to widen its reach by expanding its retail presence in tier I and II cities. Capturing a significant share in the domestic textile market, the company will have a total of 75 outlets from the existing 45 by the end of this year.
“We plan to add 30 exclusive brand stores to the existing 45 by the end of this year. In addition, the company also plans to open 30-40 stores each year,” S Krishnamoorthy, president, Grasim Textiles, informed.
“We’ve also signed Bollywood actor Akshay Kumar to endorse Grasim as he has the requisite appeal and wears our brand’s persona. Our target audience, which is not only in metros but in other towns and cities where we plan to expand, also empathise with Kumar,” added Krishnamoorthy.
When asked how much growth they are expecting in terms of sales after the endorsement, Krishnamoorthy said, “We hope to see 15-20 per cent rise in sales as he can attract masses and also the classes.” The new TV campaign featuring the star will be on air in late July or early August.
The company had witnessed a turnover of Rs 175 crore last fiscal and is growing at 20 per cent year-on-year. Almost 60 per cent of its revenues come from the domestic market and the rest from exports. A major part of its exports are to the United States and Europe.
The company had recently increased its garment manufacturing capacity to 18 million tonnes per annum from 15 million tonnes, and is planning to adopt international production measures to suit international markets.
– Ranjan Kaplish