Bombay Dyeing has drawn up a major strategy to revive its textile retail business and is seeking a turnaround in 2017-18. Nagesh Rajanna, the company CEO for its retail segment said that they were reinventing and major investments were lined up. The reinvention began over a decade ago, soon after the company had decided to exit textile manufacturing.
Rajanna said that manufacturing would be outsourced. From now till 2020, the company was planning to invest over Rs 100 cr in the brand, double its multi-brand outlets to 10,000, over double its franchise stores to 500 and introduce 3-4 novel products every year.
Rajanna stated that these measures would aid the segment more than treble its revenues to Rs 1,000 cr by fiscal 2020 from Rs 305 cr last year. The retail in textile segment presently contributes 17 per cent to the company's overall revenue. This would expand to 33 per cent by 2020, he added. Meanwhile, Bombay Dyeing share price surged over 5 per cent intraday on the NSE today.
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