Welspun to expand its branded segment, aims to double revenue by 2023

By

Maverick Martins

Published
Aug 2, 2019

Textile major Welspun India will be expanding its offerings in the branded segment to become the country’s first FMCG brand in the textile industry.
 

With the expansion of product portfolio, the company aims to double its revenue to $1.5 billion (Rs 10,361 crore) by 2023. It had reported a revenue of Rs $800 million (Rs 5,522 crore) during the last financial year.
 
Welspun is looking to strengthen its foothold in the Indian market to boost its domestic sales and will also be investing heavily to scale up its textile business.

Welspun has earmarked an investment of around Rs 900 crore in the current fiscal on the expansion of its textile business in India.
 
“Going forward, we want to focus more on the branded and innovation segments of our business to cater to a growing domestic market. Our goal is to be the first-ever FMCG brand in the Indian textile industry,” Dipali Goenka, CEO at Welspun India, told Economic Times.
 
“Currently, the consumer-facing segment, that consists of luxury and premium brands Christy and Spaces, respectively, as well as other innovation brands such as Hygro Cotton and Wel-Trak make for a total of 46 percent of the company's total revenue. This will be taken to 50 percent,” Goenka added.