Siyaram Silk Mills, Italian brand Cadini enter a JV for India market

Leading textile company Siyaram Silk Mills has inked a joint venture with Italian lifestyle brand Cadini. The company has bought ownership rights to manufacture and market Cadini brand fabrics in India, Sri Lanka and a few countries in the Middle East.

Siyaram Silk Mills wants to offer Italian innovation in fabrics to the consumers in India. With annual revenue of around Rs 1,550 crores, Siyaram is looking forward to grow by 10-15 percent this year. By next fiscal, the company expects Cadini brand to contribute around Rs 100 crores to the total revenues. The brand will positioned among the superior fabrics followed by garments and accessories. In future, Siyaram also aims to open exclusive Cadini stores and shop-in shops in the country.

Cadini witnessed 95 percent of its revenues driven from international markets, whereas only five percent is contributed by domestic, Italian market. Siyaram's has invested Rs 80 crores to modernise its manufacturing facility this year and will spend around Rs 70 crores next year funded through internal accruals as well as government incentive Textile Upgradation Fund Scheme (TUFS) to further enhance its production capacity eyeing 10 to 15 percent rise in its monthly sales of 65 lakh metres of fabric.