Siyaram upbeat about Rs 1,000 cr turnover next year

Siyaram’s the well-known apparel and fabric brand is aiming to push up the number of its exclusive stores to 80 from its current 60 by March 2011. Mumbai-based Siyaram Silk Mills is also focusing on enhancing its production capacity in suitings and shirtings.

With greater importance given to the domestic market, the company will also be expanding its existing factories and opening new ones in places like Tarapur or Silvassa.  With a net turnover of around Rs 650 crores last year, which includes sale of its entire product portfolio, the company is eyeing Rs 800 crores this year. Exports may well comprise around 7 or 8 per cent of this turnover.

With fabrics expected to do well in the Indian market for the next 20 years, since consumers still find it viable to buy fabrics and get it made-to-measure in order to attain the perfect fit, Siyaram Silk Mills is on a roll.  With a variety of fabrics and colors as well as catalogues to show how a shirt will look like after it’s stitched, the company’s shirting sales are growing and are 15 per cent of the entire fabric sales. Shirting fabrics are preferred over the readymade variety in its market segment.

“In shirtings there are cotton/polyester blends to the extent of 70 or 80 per cent. We do a bit of 100 per cent cotton and a bit of 100 per cent polyester. Polyester now comes with a good finish and feel and absorbency. So it’s a good product for the rural customer. We show regular growth in worsted too and this year we grew 25 to 30 per cent. Worsted fabrics are in J Hampstead brand. For spring\summer 2011 we have light colors, different weaves, new blends and finishes,” says Ramesh Poddar, Vice Chairman and MD, Siyaram Silk Mills.

The company launched a catalogue for checks in suitings with 30 or 40 designs which was a great success and is currently making one-and-a-lakh meters of checks a month.  It manufactures checks singly and in three colors but more of singles is popular. With an MRP for a trouser length around Rs 400 to Rs 450, and using bright colors, the product has done well across all zones, especially Rajasthan, UP and Bihar and has had an impact on ready-mades also.

“Our vision is to give the Indian consumer good products at reasonable prices. We want to reach a turnover of Rs 1,500 crores in six or seven years. This year it should be Rs 800 crores. Next year, we will try for Rs 1,000 crores. We expect good growth in furnishings, garments, fabrics, RMG supply and exports. In checks alone we expect Rs 10 crores by March 2011. In the branded suiting category we have a 25 per cent market share. We are trying new colors, fibres and weaves, new finishes. We do something new every two to three months. We also wish more branded players enter the industry who will expand the market,” concludes Poddar.