Even as it launches its own brand of home furnishing titled 'MYCK', Ahmedabad-based home textiles player Pradip Overseas Limited is foraying into apparels as well as denim. For this, the company is investing around Rs 400 crore for expanding current capacity of home textiles as well as adding new capacity for apparels.
"After launching our own brand of home furnishing, we are now planning to launch our own brand of apparels as well as denim. While we will outsource manufacturing of denim, garments will be produced at our Ahmedabad plant," said Amit Thakkar, president of Pradip Overseas Limited. From a current capacity of 140 million metres per annum, most of which are in home textiles, the company will be moving towards 180-190 million metres per annum by end of the current financial year.
As per Thakkar, of the 40-50 million metres being added this year, about 14 million metres of capacity will be used for manufacturing apparels.
In home furnishing, the company has launched its own brand of products for the domestic market.
Talking about the launch of 'MYCK', Pradip Karia, chairman of Pradip Overseas Limited said, "With the launch of the new brand 'MYCK', we can easily leverage our position to offer world class product at a local cost. The offerings under the brand MYCK are in the home furnishings considering the high weightage it enjoys within the target audience. In future, more products will be added to the brand portfolio."
The 'MYCK' brand of home furnishing comprises collections in 11 mainline products and four exclusive collections in bed linen, towels, comforters, duvets and children prints.
"To expand the reach of the brand to all class of consumers, 'MYCK' products will be made available in over 1,500 outlets across the country in the initial stage. We are eyeing a revenue of Rs 200 crore through retailing of this brand in the current fiscal itself," added Karia.
Meanwhile, Karia declined any immediate plans of opening company-owned outlets for 'MYCK'.
