Textile manufacturer Alok Industries has held back its plan to introduce Peacock Alley, a premium bed linen and bath brand, in India and will shift its focus from the luxury segment to the mass market garments.
Confirming the development, Sunil Khandelwal, chief financial officer, Alok Industries, said: “We don’t see the market for premium products in India yet. Organised retailing in India is taking shape now and the mass market model is the fastest growing segment.”
“We have started supplying fabrics to institutions, but we are now entering the ready-made work-wear sector. Institutional garment segment is profitable and the margins are quite high with big volumes of order for our investment. The competition is less here,” added Khandelwal.
To finance its latest initiative the company is looking for grants from the government’s Technology Upgradation Fund. The company has lined up investments of around Rs 15 -20 crore in the work-wear segment.