Welspun India climbs 6% on proposed e-commerce portal in US
The company backs itself to continue dominating the US home textile market through the use of innovative products as by shifting focus to its own brand.
By ET Online | Updated:
NEW DELHI: Shares of Welspun India, the largest exporter to the US home textile market and the third biggest manufacturer of such items, surged over 6 per cent in Monday’s trade, as the company announced launching of an e-commerce portal for its US market and bullish revenue targets.
The development saw the scrip hit an intraday high of Rs 770.50, up 6.17 per cent.
The company, which has a 5 per cent market share in the $17 billion US home textiles market, making it the single largest player in the world’s biggest market of such products, said it aims to achieve $2.5 billion in revenues from the US market by the turn of the decade. The textile arm of the company currently clocks revenue of $1 billion for the group.
The company backs itself to continue dominating the US home textile market through the use of innovative products as by shifting focus to its own brand. The US market currently accounts for 65 per cent of its sales.
“Over the years, we’ve been successful in changing the contours of the US home textiles market with our innovative products and added customer focus. When we entered the US, Indian companies were fringe players, way behind Chinese companies. But that no longer is the case,” Dipali Goenka, Managing Director, Welspun Global Brands, told PTI.
She said the company currently sees around 31 per cent sales coming from innovative, patented products like HyGro cotton, and though its sells in 50 countries, all its manufacturing is based at its two Gujarat plants at Anjar and Vapi.
The company aims to increase this number to 40 per cent by 2020. It has 12 patents that are pending with the US authorities for clearance.
(With input from PTI)
The development saw the scrip hit an intraday high of Rs 770.50, up 6.17 per cent.
The company, which has a 5 per cent market share in the $17 billion US home textiles market, making it the single largest player in the world’s biggest market of such products, said it aims to achieve $2.5 billion in revenues from the US market by the turn of the decade. The textile arm of the company currently clocks revenue of $1 billion for the group.
The company backs itself to continue dominating the US home textile market through the use of innovative products as by shifting focus to its own brand. The US market currently accounts for 65 per cent of its sales.
“Over the years, we’ve been successful in changing the contours of the US home textiles market with our innovative products and added customer focus. When we entered the US, Indian companies were fringe players, way behind Chinese companies. But that no longer is the case,” Dipali Goenka, Managing Director, Welspun Global Brands, told PTI.
She said the company currently sees around 31 per cent sales coming from innovative, patented products like HyGro cotton, and though its sells in 50 countries, all its manufacturing is based at its two Gujarat plants at Anjar and Vapi.
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The company aims to increase this number to 40 per cent by 2020. It has 12 patents that are pending with the US authorities for clearance.
(With input from PTI)
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