With shrinking winters, low consumer sentiment, extended discount seasons hitting the thermals category, Neva Garments, a 25 per cent market holder in thermals, is planning to add new lines for men, women and kids for winter as well as
summer seasons. Elaborating on the reasons, Vishal Jain, Executive Director & CEO says, “People announce sales in the beginning of January and when consumer gets a jacket or a sweater at a big discount, he prefers buying it rather than investing in thermals. Since thermals are not required for more than 15 days, one can use it for almost three seasons. Currently our share is divided as: 60 per cent thermals and 40 per cent summer. But now we want to make it 80 per cent summer and 20 per cent thermals. I want to be the market leader in active wear with the summer range.”
This
winter the company has also experimented with innovations on thermals. It has come up with wool blends by blending wool and modal. “It’s called Neva Mod Wool. Neva Mod Quilt is quilted. We also have another new product, Warm Up, which is acrylic-based. Then we have a designer Neva Quilt for women. This is knit-based. We have introduced a range for the wholesale market, which is economy, peppy colored thermals in dark shades for rural and semi-urban markets. And along with thermals for children, we are offering a free stationery kit. We are also considering licensing with Nickelodeon for summer wear, since we have an outerwear range for children,” explains Jain.
After bagging the Best Medium Enterprise award at the D&B-Axis Bank Business Gaurav SME Awards in 2011, Neva expects revenues of Rs one billion in the current fiscal. Currently available at 7,000 MBOs and 50 EBOs, Neva has a strong presence in Punjab, Haryana, J&K, and Himachal and is now planning to enter Rajasthan and UP. The range is also present at Lifestyle, Pantaloons and Shoppers Stop part from e-commerce portals. Commenting on their retail plans, Jain says, “We are exploring the export market and are supplying to Nepal and Middle East. But we haven’t been able to go to the West because people there need insulated materials. We are hoping to create something for them. Neva is getting its own website made for e-shopping and sales.”
