Digjam Ltd, formerly known as Birla VXL Ltd and part of the SK Birla Group, has revived its fortunes in the Rs 1,600 crore worsted suitings market in India. Following the financial and operational restructuring a few months back, the company has geared up to take on competition in a big way in the worsted suitings market, said CL Rathi, managing director, Digjam Ltd.
Speaking to FE, Rathi, who was here to promote its latest brands, said: ?We are geared up now. We are looking at increasing our market share from 14% to 20% of the Rs 1,600-crore worsted suitings market in India in a short span.?
The company will focus on marketing high-end and premium brands of worsted suitings in India while targeting the mass segment with brands at competitive prices, he added.
According to Rathi, the company is looking at export market in a big way. Half of its total production of 5.5 million metres is being exported to countries like Italy, the US, Europe, Middle East, Far East and host of countries. ?Italy alone accounts for more than 1.2 million sq m to 1.4 million sq m per annum,? he said. The company invested nearly Rs 30 crore for restructuring, upgradation of equipment at its Jamnagar factory in Gujarat.
The company will start introducing value-added products through its own design and innovative blendings. ?We plan to introduce a new variety by September which cost Rs 10,000 a metre. It is a product made of Kashmir wool and is for all seasons,? he said.
Similarly, under our Global Cool fabric brand, which is aimed at addressing global warming, the company will be introducing new styles and trends with rich fabrics, supreme weaves in range of colours, he added.
According to Ravinder Sharma, vice president, (sales and marketing), the market share of the premium products in the worsted suitings has gone up from 1% to 5% recently and is growing fast. ?We hope to become a niche player in this category?.
The company has over 10,000 strong dealer network across the country. ?We plan to add 70 exclusive outlets in the current fiscal, taking the total size to 100 outlets,? he added.