Published By : 15 Oct 2015 | Published By : QYRESEARCH
The largest home textile producer of India, the Mumbai-based Welspun Group, has set a target to double its overall revenue to US$2.5 bn by the end of 2020. The firm is the only large cap participant in the American home textile market, valuing about US$17 bn, with a market share of 5% and generate 1/3rd of its total revenue of US$3 bn from its textiles business.
The firm expect a higher growth to be driven by the U.S. textile market as it is increasing its focus towards it. The U.S. market boast of being the largest textile market in the world as it contributes approx. 65% of the overall sales at present.
In 2007, when Welspun entered into the U.S. textile industry, China held the dominant position while India was at the fringe. However, with its innovative products and added focus towards customers, Welspun successfully managed to change lines of the home textile market in the U.S.
Ms. Dipali Goenka, the managing director of Welspun Global Brands, stated that the Indian firms together lead the textile market in the U.S. with a share of 11% in the overall market. A revenue target of US$2.5 bn by the end of this decade has been set up by the firm for its U.S. operation as it has increased its focus on the U.S. market and has recently launched its e-commerce portal to develop its direct online presence.
The firm expect that this portal will bring in a growth of 25% in the total sales by the end of 2020.