Renfro India , an Indian joint venture of Renfro Corporation US, a premium legwear brand is investing Rs 200 crore for setting up its third plant in Gujarat, as it expands its footprint in the domestic market.
“Renfro India is the largest manufacturer of socks in India. We are increasing our capacities and planning to set up a third factory in Gujarat in near future. We cater to the high and super premium category of legware business. In India, 70 per cent market of this category is of low priced and high priced contributes 30 per cent. We are also setting up a distribution centre for finished goods in India,” said Rohit Pal, senior vice president and managing director, Europe, India and Asia, Renfro Corporation.
The company is eyeing domestic sales of Rs 400 crore in the next five years. The company has a annual turnover of Rs 200 crore and is growing at an annual rate of 15 to 20 per cent. It manufactures 80 per cent of its products for sports category and 20 per cent for casual and formal wear. Renfro is also introducing Copper Sole in Indian market which helps to eliminate odor causing bacteria and fungi on the sock and useful for diabetic patients and sportsmen.
Pal added, “ In our commitment to keep our clientele competitive, we offer support in design and product development. Renfro India has been aggressively pursuing a domestic sales and marketing strategy in line with our overall vision to be the leader in the Indian sock category. Licensing arrangements with internationally acclaimed brands such as Levis, Adidas, Marks and Spencer, Decathlon and Dr Scholl’s bolster our presence on a national level.
Renfro has two manufacturing facilities India which includes Pune and Nashik. In 2004, Renfro India had acquired Salora Shinsung Textile Company, a 100-per cent export-oriented sock manufacturing unit, located at Nashik.
At present, Renfro India is country’s largest sock manufacturer with 800 knitting machines and manufacturing more than 48 million pairs of socks every year. It exports 85 per cent of its production mainly to North America, Canada, Mexico Japan, China and Europe. Only 15 per cent products are being sold in India. The domestic sales contributes Rs 40 crore. It has a retail tie up with Future Group and Shoppers Stop.
The category is estimated to have over 3,000 manufacturing units out of which 85 per cent are in and around Delhi and NCR.
Of this, over 95 per cent business is unorganised and fragmented. Te total market is estimated to be around Rs 3,000 crore.
The company eyes domestic sales of Rs 400 crore in the next fiver years. It manufactures 80% of its products for sports category and 20% for casual and formal wear.
Renfro is also introducing Copper Sole in Indian market which helps to eliminate odor causing bacteria and fungi on the sock and useful for diabetic patients and sportsmen.
