Arvind Limited to invest Rs 1500 crore on expansion, eyes Rs 10,000 crore by 2023
Indian textile and apparel major Arvind Limited will invest Rs 1,500 crore to expand its business across all verticals as it aims to touch revenue of Rs 10,000 crore by 2023, said a top company official.
The company will be adding more verticals to its existing businesses and also scale up its private label brand to boost growth in order to meet the set targets. Arvind will be focusing on athleisure and active wear by introducing new products to tap this booming market in India.
“The key drivers to this growth will be more verticals, more garmenting, ramping up advanced materials division which is into specialised textiles, and adopting newer technologies that will help scaling up operations and build on the Arvind brand,” Susheel Kaul, CEO, Lifestyle Fabrics, Knits and Wovens of Arvind Ltd was quoted as saying by PTI.
“The company plans to invest Rs 1,500 crore over the next three years to meet its target which will be funded entirely from the company’s regular cash flow. “We do not need to dig into our reserves. We have enough regular cash flow,” he said.
“We will add more verticals as that is a new revenue line for us. We plan to grow the technical textiles division and get into newer fabrics more and more, focusing on athleisure and activewear and scaling up the brand Arvind,” Kaul added.
Arvind Limited is a leading player in India’s textile and apparel market. Its brand includes Flying Machine, Tommy Hilfiger, Calvin Klein, Arrow, Gant, Nautica, Gap, and Aeropostale.
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