Patanjali sets Diwali deadline for launch of apparel line
Insiders privy to the development say the company’s focus will be on manufacturing low cost apparel that shall cater to the growing middle classUpdated: Jan 17, 2018 21:29 IST
This Diwali, chances are you may sport traditional Indian dresses manufactured by yoga guru Ramdev promoted Patanjali Ayurved Limited.
The much-talked clothing line was planned for launch in April but it may take some more time owing to logistic issues. “The apparels will include denim, sweaters and shirts. We now plan to launch the apparel line by Diwali. We are working to meet the deadline and if not Diwali, then by January next year,” Patanjali’s spokesperson SK Tijarawala said.
Insiders privy to the development say the company’s focus will be on manufacturing low cost apparel that shall cater to the growing middle class. Much of the manufacturing will be ‘outsourced’ like other players.
According to a report prepared by the Federation of Indian Chambers of Commerce & Industry (FICCI), India is among the top apparel consuming nations, positioned behind the European Union, the US, China and Japan. “The domestic apparel market of India is worth US$ 59 billion as per the 2015 figures. It has registered a robust growth rate of 10% since 2005 despite global uncertainties and slack demand. The Indian domestic market has performed better than the largest consumption regions like the US, the EU and Japan, where depressed economic conditions led to lower demand growth,” the report says.
The apparel sector is the next big thing for the Haridwar-based company that plans to encash on Ramdev’s brand to increase its turnover. Patanjali’s growth story is remarkable ever since its launch in 2006. Last year, the company posted a turnover of over Rs 10,000 crore. Beginning in north India, the Ramdev promoted company is now focusing on West Bengal and also states in the South. “We are getting a tremendous response in the southern states like Kerala,” Tijarawala said.
On Tuesday, Ramdev announced his company’s tie up with eight e-commerce companies, including Amazon India, Flipkart, Paytm, BigBasket, Shopclues and Grofers, to sell its products. The FMCG major already sells its product through its website.