Textile firm Mafatlal Industries on Monday said it will make a foray into apparel business by introducing ready-to-wear fashion wear at affordable pricing.
"We want to make a strong foray into the apparel business and for this we have identified three-four anchor categories," Mafatlal Industries MD and CEO Aniruddha Deshmukh told reporters here today.
Mafatlal Industries was a popular and leading brand of yesteryear and now the company wants to restore the same old glory, Deshmukh said.
"Our main strength is fabrics. We are one of the large manufacturers of denim in the country, and we also supply to domestic brands and international brands," he said.
"The other large business we have is textiles, where we do basically shirting fabrics, whites and prints ... we are also doing school uniforms and the size of this business is about Rs 300 crore," he said.
On the company's foray into ready-made segment, Deshmukh said, "As a fabric company, at some point of time it will need to make an entry into the ready-made segment. It is sort of a relaunch for us because the brand has been around for some time, but somehow never got the traction or momentum."
"Our intention is that we convert our expertise and skill in fabrics into ready-made," he added.
"In apparel business, there are two-three anchor categories we will focus on. Mafatlal countrywide is known for its whites and we want to bring it in ready-made. In denims, we are manufacturers for nearly 20 years. We have a medium-sized plant in Gujarat," he said.
He said the company has a good retail presence mainly in western region. "But we are now going to expand into regions including north, where we see a good scope."
"One thing we have seen is that the more well known the brands are their products are probably not as fashion forward as some of the products from the not so well known brands. So, our focus will be on high fashion products, we want to be a niche player, but very very affordable," he said.
He said another category which the company is looking at is T-shirts. "All these things will be the focal points of our collection. We are starting off from the north region and then we will spread across," he said.
Mafatlal Industries is part of Rs 1,300 crore Arvind- Mafatlal group. To another question, he said, "The real revenue targets will probably start one or two years down the line. Priority at the moment is to get our products and distribution right".
Sheeren Gupta, Vice President--Sales and Marketing of MIL said one of the key things which the company is focusing on is pricing of the products, which will be very competitive.
"We are not in the premium segment, but the products will definitely look premium. Our range will be Rs 899 to Rs 1499 for shirts, T-shirts will be priced at Rs 899- Rs 999 and denims for Rs 1499 to Rs 1699," Gupta said.
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