Kolkata:Textiles-to-retail conglomerate Arvind Limited is planning to scale up its textiles business to Rs10,000 crore by 2023, from Rs6,000 crore now, a top company official said on Wednesday.
The key drivers to this growth will be verticalisation, more garmenting, ramping up advanced materials division which is into specialised textiles, and adopting newer technologies that will help scaling up operations and build on the Arvind brand, Susheel Kaul, CEO, Lifestyle Fabrics, Knits and Wovens of Arvind Ltd said.
He said the company plans to invest Rs1,500 crore over the next three years to meet its target which will be funded entirely from the company’s regular cash flow.
“We do not need to dig into our reserves. We have enough regular cash flow," he said. “We will be ‘verticalising’ more as that is a new revenue line for us. We plan to grow the technical textiles division and get into newer fabrics more and more, focusing on athleisure and activewear and scaling up the brand Arvind," Kaul said.
Under textiles, the company has denims, knits and wovens and ‘Ankur’ which is a women’s brand. Kaul said the brand Arvind, which is worth Rs400 crore now, from its B2C (business-to-customer) business, will be scaled up to Rs1,000 crore, as per the targets that the company has set.
Kaul, who was in the city to launch a festive collection called ‘Millennial’s Choice’, said the company is manufacturing over 32 million pieces of garments a year from the 250 million metres of fabric that it produces annually.
“Only 10% of the fabric we produce is being garmented now. We would like this to grow at least to 40-50% but a lot will depend on the brands who we work with," Kaul said. Arvind works with several top global brands like GAP, Levi’s and Zara and is present in 10,000 retail touchpoints and 200 exclusive outlets.
In sync with its ambitious growth plans, the company also plans to double its workforce of 43,000 over the next few years.