OCM to launch readymade garments

The worsted suiting fabric manufacturer OCM India is planning

to enter into ready-made garments (RMG) segment by the end of fiscal year 2012-13. The company will initially launch formal wear including shirts, trousers and jackets, and later add semi-formal and casual wear to its product range. As a part of its retail strategy, the company has opted for an image makeover, which will see the number of its exclusive stores go up to 40-50 over the next three years. Currently there are 15 exclusive OCM stores.

OCM India is majority owned by WL Ross and Co, the US-based stressed asset management company. This is the first time that the company has initiated a brand revamp since its inception in 1924. The makeover will include expansion of its production capacity, product range and retail presence in the country. The brand emphasis will now be shifted to youth in the age group of 25-30.

In one year, four exclusive stores will be launched in Vadodara, Surat and Ahemadabad. The manufacturing capacity of the company is being expanded with an investment of Rs 15 crores. OCM India is also targeting at doubling its revenue to Rs 350 crores by the end of 2012-2013 financial year, from Rs 135 crores in the 2011-2012. The company exports about one-third of its volume to global markets like the US and Europe.