Textile company Siyaram Silk Mills (SSM) has planned a series of launches in the Middle East, Bangladesh, the US and the UK in the next two to three months to sell synthetic womenswear ike salwar kameez, under the brand name “Siya.”
The company’s director for “Siya” division, Kishan Poddar, told Deccan Herald, “After our Sri Lanka launch, we now plan to venture into the Middle East, Bangladesh, the US (Los Angeles and New York) and the UK. The presence of large number of non-resident Indians and those of South Asian origin is a huge business opportunity. We have already put up dealer network in Dubai; other locations will also be ready soon.”
The company ventured into Sri Lanka last month, from where it expects revenues of Rs 20 crore next fiscal from women’s wear, he added. The women’s ready-to-wear market size in Sri Lanka is about Rs 1,000 crore, according to Poddar.
On revenues from womenswear, he said, “We are expecting about Rs 100 crore next fiscal and about Rs 300 crore by 2015-16.” He said the company is also planning to launch “Siya” in Indian market shortly.
The company’s 2011-12 revenues stood at Rs 926.55 crore. For nine months ended December 2012, it recorded revenues of Rs 750 crore. The company is into manufacturing and selling fabric, home furnishing, yarns and readymade men’s apparel. Its President (Marketing), Rahul Akkara said that readymade uniform segment is also a fast-growing business that will drive SSM’s growth in the coming years. SSM will be expanding its company-owned outlets from the current 120 to about 200 by 2015, he added.
On reports of foraying into perfumes and deodorants segment, Akkara said that SSM has “not ventured into this segment.” The segment was estimated at about Rs 900 crore in 2011 and growing at about 25 per cent annually.