After China, India is the fastest growing market in terms of export and retail. With labour cost in China going higher, many customers worldwide are looking at Indian sources. Changzhou-based World Textile Group, manufacturers of synthetic fabrics with their strong supply base in fabrics and garments, besides owning a brand, their next step is to move to the Indian market.
In a bid to explore the Indian market, they are planning to set up a bonded warehouse to cater to the growing needs of the retail market in India. They are exploring the Indian market not only for their sales, but also in terms of buying garments for their brands, , said World Textile Group General Manager Mondy Qin at the Fabric & Accessories trade show.
World Textile Group manufactures synthetic fabrics like polyesters, nylons, and blends of polyesters, nylons, and cotton, mainly for outer wear and active wear.
The textile group have already set up an office in Bengaluru eight months ago, and they are trying to increase their customer base which includes Gokaldas Exports, Texport Overseas, Arvind Garments, among others.
The fluctuation in the yen against the US dollar is affecting the export business. So for the long term they are planning to set up a manufacturing unit in India.
The company has 450 machines which can produce up to three lakh metres of fabric per day. It employs around 300 people. Simultaneously, the company is into garment manufacturing, mainly board shorts (used for surfing), walk shorts, shirts and outer wear. These products are exported to the US and European markets.
World Textile Group achieved a turnover of $35 million in 2014. It is looking at a growth 30-35 percent for next year. They also have their own brand Dunkelvolk, which was launched in 2012. They have 15 stores in East China, besides presence in five eCommerce portals like Alibaba.
Indian garment exports rose 14.6 per cent to $14 billion during January-October 2014. In contrast, export volumes from China were 6.5 per cent higher at $145 billion, which in value terms was 10 times higher, according to UN Comtrade data.
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