TT to shift focus to garments making, open more stores

TT Ltd will set up a mega garment plant in place of spinning machinery at Gajroula, in Uttar Pradesh. The move is aimed at diversifying from textiles to manufacturing garments. The company says, “TT is exiting from spinning and entering the garmenting and fabric business on a massive scale.” Garment and fabric turnover is targeted to be doubled in 2018-19 and target speedy growth in years thereafter. TT said it will continue to open branded stores through franchisees to push garments sale.

The company is also emphasising on expanding its retail stores under brand T T Bazaar, it has already opened 50 such showrooms and another 50 stores are in the pipeline. The company is targeting opening 250 stores by 2019. All such stores will be in the franchisee mode.

The company is appointing distributors in states where it has lower coverage, such as Chhattisgarh, Assam, Andhra Pradesh, Tamil Nadu, Telangana, Maharashtra and Karnataka. The new factory will enjoy benefits of central subsidies and incentives as well as special subsidies and incentives declared by the new Textile Policy of Uttar Pradesh.