Textile maker and retailer Arvind Ltd. plans to stretch its reach in the E commerce industry which will initially focus on personalized and customized apparels and suits for men.
It is setting up a joint venture called Goodhill Suit Manufacturing Ltd with Japan’s Goodhill Corp. Ltd to launch its formal suits business. It is likely to start soon as dependent on the condition of anonymity, reported by livemint.com.
Arvind Ltd. has made a separate team for the E commerce wing, expectations are it will be led by Tejinder Singh, Former executive of Times Internet. And 20 additional executives from well known E-commerce company like Flip kart, will be a part of the team. And market well recognized brands like Flying machine, arrow, Mobile store, Shopper’s stop, Chrome and Spencer are expected to come on-board.
iamWire take: It is a great move, a potential milestone for the eCommerce industry. We have always believed in online retail turf being dominated by retail brands in long run. However many large retail firms that tried to go online, have done potential mistakes in choosing the right model, technology, people and taking lot of time to go online.
More from livemint.com– When asked about the the dynamic hop-on in the textile industry he said- The world order of textile is changing and the market is moving towards India. We have been clocking over 12% growth, far higher than the sector average. Organized retail as a percentage of total retail is also growing very well. We have been growing at 30-35% in a tough economy. The next 10 years will be the most exciting years of textile in India, with huge opportunities to grow where China is losing. Arvind is excited to position itself to manage that opportunity as the market leaders in India.
In addition- Arvind ltd, a textile company that started in 1931 a family business by the Lalbhai brothers and now run by Sanjay Lalbhai and his sons Punit and Kulin, have always been keen on the progressive transformations. Net growths per quarter in 2013, launch of premium textile brand – Tresca, and now launch of E Commerce are few significant examples.