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June 6, 2001
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Money > Business Headlines > Report June 6, 2001 |
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Mafatlal arm Silvia Apparel seeks buyoutsPartha Ghosh Silvia Apparel Ltd, a 60 per cent subsidiary of Mafatlal Industries, is looking at acquisitions and alliances with local clothing and apparel firms, in the light of an ensuing shakeout and consolidation of the industry, post-WTO. "The industry will see a major boom between 2002 and 2005, and we are gearing up for that," Partho P Kar, chief executive officer of Silvia, said. There will be a major shakeout as larger companies gobble up or ally with smaller and mid-size firms, Kar said, adding talks are already on with several firms and the first of such alliances is expected to be finalised within the year. Silvia locally stitches shirts and apparels for top world labels such as Austin Reed, Ralf Lauren, Tommy Hilfiger, Arrow, Polo, Zara, Denver Hayes, Red and Green, Donna Karan, Massimo, Ferre, among others. Ninety-five per cent of its produce is exported to the US, Europe and eastern countries. The foreign partner in the JV, Gruppo La Perla, Italy also sources large consignments of ladies garments, beachwear and intimate wear from it. In the domestic market, Silvia recently launched its range of shirts under the 'Silver Gray' brandname. It is now planning to launch a super-premium range of shirts under the 'Gray' label. The range will be priced Rs 2,500 upward and positioned on premium shelves in select stores in the metros, Kar said. During the current financial year, there will be a fall in export growth from between 15 per cent and 20 per cent to around 12 per cent due to the global slowdown. The domestic market will also witness a marginal squeeze. Kar said though exports constitute 95 per cent of its business, Silvia expects a 50 per cent growth during the year because of the already existing high order-book from overseas clients. The company's turnover is expected to increase from Rs 300 million to around Rs 450 million this fiscal. Powered by YOU MAY ALSO WANT TO READ:
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