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Textile manufacturer Welspun has set a target of more than doubling its revenue to $2.5 billion by 2020.
The Mumbai-headquartered Welspun Group, which is also the single largest player in the $17-billion American home textiles space with a 5 per cent market share, nets one-third or $1 billion of its group revenue of $3 billion from the textiles business now.
The company expects the higher growth will again be driven by the US market as it plans to increase its focus in the world’s largest textiles market further.
The US contributes around 65 per cent of the total sales now.
“Over the years, we’ve been successful in changing the contours of the US home textiles market with our innovative products and added customer focus.
“When we entered the US in 2007, the Indian companies were fringe players as Chinese marketers dominated the market. But no longer so. “Today, Indian companies together dominate the US market with 11 per cent of the total $17 billion home textiles market,” Dipali Goenka, Welspun Global Brands managing director told PTI in an interaction at the company’s US headquarters in downtown Manhattan here, during a recent visit during the MarketWeek, wherein the suppliers engage with the buyers.
“As we increase our focus in the US market, with a direct online presence with an e-commerce portal, from which we see 25 per cent of our total sales to come from by 2020, we have set a revenue target of $2.5 billion by the turn of the decade. Though we see a major growth in Indian sales, bulk of sales will still come from the US,” she added.
The Harvard-educated Goenka is the wife of Welspun Group chairman Balkrishan Goenka and was recently elevated as the chief executive and executive director of Welspun India, the holding company of the group’s textiles business, which is the largest in Asia and the third-largest globally in the home textiles space.
On the innovation side, she said around 31 per cent of total sales come from innovative, patented products like Hy Grow cotton, and though the company is present in 50 countries it manufactures all its products at its two Gujarat plants at Anjar and Vapi. The company aims this to touch 40 per cent by 2020.
The company has 12 patents pending with US authorities, she added.
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