Siyaram enters into joint venture with Cadini, Italian lifestyle brand

Siyaram Silk Mills have entered into venture with leading Italian lifestyle brand Cadini to give Indian consumer the Italian feel at a reasonable price by customizing it to their market. Some products will be imported from Italy, but a major portion will be from India. They will bring the Italian innovation and manufacture it over here in India, said Siyaram Silk Mills Chairman and MD Ramesh Poddar at the launch of the brand in India without disclosing the consideration.

Siyaram have bought ownership rights to manufacture and market Cadini brand for its fabric segment in India, Sri Lanka and few other countries in Middle East.

Cadini will help Siyaram’s in sourcing and designing. The brand will be available in India in superior fabrics followed by garments and accessories, while the company also plans to open its Cadini exclusive outlets and shop-in shop in the near future.

Expecting a great response from the humongous and fast growing Indian market Cadini Brand Director Daniella Nicolle said that this venture has not only provided them a platform to showcase their collection to the Indian consumer but has also helped them to discover various avenues in terms of global marketing.

Cadini gains 95 percent of its revenues from international market and only 5 per cent from Italian market.

Siyaram’s has spent Rs 80 crore to modernize its manufacturing facility this year and will spend around Rs 70 crore next year funded through internal accruals as well as government incentive Textile Upgradation Fund Scheme (TUFS) .

This will enable the company to add 10-15 percent more to its monthly sales of 65 lakh metres of fabric per month.

Siyaram’s currently has annual revenue of around Rs 1,550 crore and expects to grow by 10-15 percent annually this year. They expect Cadini to contribute around Rs 100 crore of their total revenues in the next financial year.