Ramraj Cotton to tap Rs 5,000 crore vests market
By Express News Service | Published: 14th September 2017 07:41 AM |
HYDERABAD: Ramraj Cotton, a leading player in traditional wear such as dhotis and lungis, plans to sharpen focus on vests to tap the Rs 5,000 crore market. The south India-based apparel brand, which has three production facilities in Tamil Nadu, 82 exclusive outlets and 6,000 multi-brand outlets all over south India, is betting big on vests to not just aid its growth, but also expand into north Indian makets. It has roped in Baahubali star Rana Daggubati as brand ambassador for vests.
“We are undisputed leaders in dhotis and lungis. Now we want to increase our share in vests market. While vests contribute to 30 per cent of our total turnover, we plan to increase it to 50 per cent and clock Rs 1,000 crore turnover from vests alone over the next two to three years. We have roped in Rana Daggubati as brand ambassador as his image and popularity will help us in not just marketing vests, but also expand in north India,” said K R Nagarajan, founder chairman of Ramraj Cotton.
Nagarajan added that north India would be the company’s focus area for expansion in the coming days. “We will start distributing our products there from next April 18. But before entering a new territory, brand-building needs to be done,” he noted. Ramraj Cotton had a turnover of Rs 1,200 crore in FY17 and the company is confident of achieving a 20 per cent growth in FY18.
“Though GST has impacted growth, we are confident of achieving a 20 per cent growth in the next financial year, which might even go up to 40 per cent as the festival season has just begun and sales are good,” added Nagarajan.