The 99-year-old producer of silk saris, RmKV, intends to increase its footprint in Tamil Nadu by erecting a $100 million store in Coimbatore. According to K Sivakumar, Managing Director of RmKV, it just established a new $30 million showroom in Tirunelveli.Although it already has a location in a sizable mall in Coimbatore, it will soon establish a 60,000 square foot showroom there. According to him, the site has been bought, and the showroom is expected to be built the following year. The founders of RmKV have two showrooms in Tirunelveli, three in Chennai, one in Coimbatore (in a mall), and three in Bengaluru, he continued.After the Covid pandemic, according to Sivakumar, business is slowly returning to normal. The issue is that buyers are very conservative with their spending on silk sarees. Earlier, people used to spend money on purchasing silk sarees, but they are now reconsidering their purchases because of the rising cost of sarees and the influence of Western clothing.According to him, the fifth generation is not interested in joining the family-owned silk business, which is currently controlled by the fourth generation, because there are other, more lucrative opportunities available to them.
The greater cost of sarees more than made up for the declining volumes. “Despite the rise in pricing, we are confident that we can make up for it. In several forums, we need to raise a lot of awareness about silk sarees, he stated.
RmKV typically debuts new designs right before Diwali. However, given this year’s fashion, it was carried out in He said April would be used to advertise pricey sarees and raise awareness of eco-friendly sarees created with natural dyes.
