The textile division of Grasim Industries intends to open 100 to 120 retail locations over the next two years as part of a big expansion into smaller cities and villages. According to Satyaki Ghosh, CEO of Domestic Textiles, the business wants to capitalise on the potential growth in these sectors and expand its market position. This expansion is primarily focused on Linen Club, the luxury linen products brand of Grasim Textiles, which now accounts for around one-third of the company’s textile business, estimated to be worth about Rs 3,000 crore. The company, which already runs 217 brand stores across the country, intends to build new Linen Club retail stores in smaller cities and towns to meet the rising demand, he said.
Additionally, Grasim Textiles wants to increase the number of multi-brand merchants with whom it collaborates, with the goal of reaching 12,000 of them in these markets, up from roughly 8,500 at the moment. The corporation has set aside Rs 122 crore for textiles, insulators, and other products in the fiscal year 2024 as part of its capital expenditure (capex) plan.
In the first quarter of the current fiscal year, the textile industry, which includes apparel, experienced a pattern of weak demand, but since July and August, demand has increased, mostly due to the Onam and Eid festivals. Due to a delayed holiday season, Ghosh conceded that demand might be flat in the second quarter, but he expects increase in the third and fourth quarters, which coincide with the holiday season and summer stocking.
