Top textile manufacturers are focusing more on research and development (R&D) to position their growing business overseas and are projecting higher revenue notwithstanding the weak global markets. Only a few of the new textile companies got a toehold overseas in the last decade, particularly in the home textiles segment.
Welspun India Ltd, manufacturer of towels for Wimbledon, has applied patents for its innovations such as natural finish fabric, ergonomics mattress pad and eco-dry towels that use little water during washing. Welspun has applied for six patents in Europe, the US, Brazil, China, Korea and Australia for those creations.
Welspun was granted two patents in the past two years from the UK and the US for Hygrocotton that has a hollow core for fluffiness, temperature control and moisture wicking. Also, Indo Count Industries Ltd has applied for a handful of patents mostly in the US and one patent was received last year.
These companies normally have high budgets for R&Dâ€”Welspun spent 5.4% of its latest net profit on R&D while RSWM Ltd, a supplier to some of the old established brands such as Raymond, Siyaram, Bombay Rayon, Arvind, Raymond UCO Denim, spent 12% of its latest net profit into R&D.
According to trade data estimates, the Indian home textiles market has about 11% share out of the estimated $45 billion globally, and it is expected to double by 2020 based on the growth of exports.
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