Arvind Goodhill Suit Manufacturing, a 51:49 joint venture between Arvind Ltd and Goodhill Corp of Japan, has launched high-end formal suits for both exports and domestic markets.
“The company is formally entering branded suits in the mass customisation segment. We are planning a manufacturing plus retail push with a separate store line,” Kulin Lalbhai, executive director of Arvind, told reporters.
The company expects to benefit from the joint venture. Arvind brings in its manufacturing capabilities, while Goodhill its high-end suit-making technologies.
The price point for high-end formal suits for both men and women is being planned at ₹12,000-15,000 for the middle class segment and between ₹25,000 and ₹1 lakh for high-end customers.
Talking about the company performance in FY14, Lalbhai said: “We expect to close the year with 25 per cent growth. Have performed well in textile, garment and branded business all contributing to a healthy performance.”
Goodhill, which has 30 per cent market share in Japan’s formal suits business, is expected to gain in sourcing suits and enter the Indian market.
Hideki Yoshioka, president, Goodhill, said: “With its diverse culture and large population base, India offers immense growth potential for suiting business. We believe this collaboration will turn out to be a perfect entry to the Indian market.”
Arvind Goodhill has set up a suit-making plant in Bangalore at a cost of ₹40 crore.