The Mumbai-based textile company, Welspun India has entered into a co-operation agreement with Cotton Egypt Association (CEA) to promote and market Egyptian cotton products worldwide. Under the agreement, the two organisations will work together to create programmes for promotion of Egyptian Cotton logo in the retail markets across the globe.
The agreement will also help enhance the complete supply chain of the Egyptian Cotton starting from cultivation to the final product, which will also benefit the Egyptian farmer and the industry as a whole. WIL will invest a sum of $3 million in a stage wise manner to enhance the supply chain of Egyptian cotton over next few years to support the joint initiatives.
In August 2016, it came to light that some bedsheets that Welspun had sold to the US-based retailer Target Corp, said to be made of premium Egyptian cotton, were actually made of non-Egyptian cotton. This led to Target offering a full refund to its customers to whom such bedsheets had been sold; and the retailer snapping all business ties with the Indian company that supplied this linen.
The Cotton Egypt Association, post verifying Welspunâ€™s quality and supply chain reliability processes, has granted the company the right to use the Egyptian Cotton logo for five years until 2022. Notably, Welspun had undertaken stringent audit and traceability programme to ensure the best product quality that is certifiable, verifiable and auditable.
Ms. Dipali Goenka, CEO and joint managing director of Welspun India said that the sheer nature of Egyptian Cotton makes it a luxury to be cherished by all. Welspun wants the world to know about Egyptian cotton and they want to help promote it among the consumers and the makers alike.
Welspun will help create marketing programmes and execute them using its extensive global network.
Welspun India is also exploring options for expansion of its Egypt operations to include a manufacturing facility for Egyptian Cotton home textile products. They foresee an increase in demand for Egyptian Cotton and find an ideal condition for making Egypt one of their hubs for sourcing and manufacturing Egyptian Cotton products. They are looking at the best option to utilize this opportunity.
The companyâ€™s stock price has recovered some ground since the shock last year and none of its other clients have initiated any adverse action, tying up with CEA may be a masterstroke that leaves negligible room of doubt with respect to the products made of Egyptian cotton that Welspun sells in the world market.
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