The century-old Bombay Dyeing to launch functional textile products targeting active life of youths as well as launch of an e-commerce portal by early next year. The company is taking multiple steps to reach out to young consumers and come across as a youthful brand.
Nagesh Rajanna, CEO, Bombay Dyeing Retail said that they call the segment as active life where youths would find different kinds of products for different activities such as cycling, gym etc. They are also launching premium digital designer prints, which are priced on the upwards of Rs 7,000 and are targeted towards the urban consumers.
Bombay Dyeing Retail aiming to treble its retail turnover to Rs.1,000 crore by 2020 from Rs.300 crore in FY16 has taken expansion activity even as it looks to launch more innovative products on the run.
The company has changed brand logo with â€˜new vibrant lookâ€™ as it is going aggressive on the digital front to interact and engage with young customers.
Bombay Dyeing is a relatively traditional brand and over the past two decades, but now they are reinventing themselves. They have not only introduced the brand with a new vibrant look, they are investing around Rs 100 crore in scaling up the brand, even as they look to launch their e-commerce portal that will go live by March 2017. They hope online sales to contribute 8-10 percent to their total revenue by 2020, said Rajanna.
The company has over the past several months moved away from manufacturing to a more retail service-oriented company, with 90 percent of its requirement now being outsourced to manufacturing partners. Currently, Bombay Dyeing Retail contributes 17 percent to BDMCL; by 2020, the company expects the same to grow to 30 percent.
The company is banking on the current expansion plan being undertaken, which by 2020 will see BDRâ€™s traditional textile multi-branded outlets grow from 5,000 to 10,000 and franchised stores from 200 to 500.
Part of the Rs 1,845.7-crore Bombay Dyeing and Manufacturing Company (BDMCL), Bombay Dyeing Retail, has a 30 percent share in the organized bed, bath and coordinates market, which is valued at around Rs 1,000 crore.
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