Grasim targets smaller towns to boost sales
Grasim Industries is taking the route to smaller towns for expansion as it seeks to achieve 20 per cent share in the-Rs 2500-crore men's fabric market.
By PTI |
NEW DELHI: Apparel major Grasim Industries is taking the route to smaller towns for expansion as it seeks to achieve 20 per cent share in the-Rs 2500-crore men's fabric market.
"The men's market for fabrics in the country is pegged at about Rs 2500 crore of which we have a share of 12-15 per cent. We would focus on increasing our share to 20 per cent in the next three years," Grasim Industries Textiles Division President and Unit Head S Krishnamoorthy told reporters here.
As spending power among consumers in Tier II and Tier III cities creates a lucrative market for ready to stitch fabric, the company is intensifying its focus on these small places.
Grasim's focus would be on towns with a population of less than five lakh, as the market here offers tremendous opportunity, he said.
The company would add 25 exclusive stores to the existing 45 by the end of this year, with a majority of stores coming up in Tier-II and Tier-III cities. It has embarked on a Rs 100 crore expansion plan to increase its garment manufacturing capacity to 18 million tonnes per annum from 15 million tonnes.
Grasim had roped in Bollywood actor Akshay Kumar as brand ambassador and today launched a TV commercial featuring the actor.
"We would be investing Rs four crore in the first phase of our marketing campaign. The company has earmarked Rs 12 crore as ad-spend for the next one year," he said.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
