Textile major Bombay Dyeing sees growth in its domestic textile business over the past one year because of the revamp initiative taken in the last 18 months which includes titivation for its stores and introducing new and contemporary products. The company to continue with its focus to increase revenue from its domestic textile business in the current fiscal too.
Bombay Dyeing CEO retail Ashok Kaul said that they are now aiming at more than 20 percent growth in revenue from domestic textile business in the current fiscal. For which the focus is on creating a strong pipeline of new products. Their designs will be more appealing to the younger consumers in the 25-30 age group. They will upgrade and modernise their existing retail stores. They have opened 16 stores having the new design. Most have been opened in the last quarter.
For the quarter ended June 30, 2014, Bombay Dyeing has posted a loss of Rs 53.63 crore. Revenue from its textile division stood at Rs 134.73 crore, higher by 23 per cent over the year-ago period. Domestic textile comprises almost 85 per cent of the textile division revenue.
The company would be introducing new products for home solutions, including accessories. Recently, mattress was launched by the company; it may venture into bath accessories soon and consider other home accessories such as upholstery, tapestry and linen for dining and kitchen over the next one to three years.
Plans are in the offing to add 50 more company-owned stores by the end of the current fiscal to extend its retail reach targeting at modern and young generation.
At present, the company currently has 22 company-owned stores out of a total 350 Bombay Dyeing stores across the country and the rest are franchisees.
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