Textile firm, Mafatlal Industries has announced that it will make a foray into apparel business by introducing ready-to-wear fashion wear at affordable pricing.
Aniruddha Deshmukh, MD & CEO, Mafatlal Industries, said, "We want to make a strong foray into the apparel business and for this we have identified three-four anchor categories."
He said, "Mafatlal Industries was a popular and leading brand of yesteryears and now the company wants to restore the same old glory. 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 further added, "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."
On the company's foray into readymade segment, Deshmukh said, "As a fabric company, at some point of time it will need to make an entry into the readymade 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."
He added, "Our intention is that we convert our expertise and skill in fabrics into readymade. 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 readymade. In denims, we are manufacturers for nearly 20 years. We have a medium-sized plant in Gujarat."
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."
Deshmukh added, "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."
Sheeren Gupta, Vice President, Sales and Marketing, Mafatlal Industries, said, "One of the key things which the company is focusing on is pricing of the products, which will be very competitive."