Globe Textiles (India) Limited (GTIL) (NSE: GLOBE), a renowned leader in the textile industry engaged in the manufacture, supply and trade of a complete range of textile and apparel products (like denim jeans, shirting fabrics and cotton printed fabrics) announced their plans to create a new Fashion Attire division.
Established with a vision to serve the industry’s biggest fashion brands while prioritising environmental consciousness, Globe Textiles is one of India’s leading sustainable textile manufacturers and suppliers that uses only natural dyes and chemicals in its manufacturing process. Its sustainable processing techniques ensure that energy consumption is minimised while its Zero Liquid Discharge system maximises water recycling.
Having received a range of global certifications over the years, Globe Textiles (GTIL) has made a mark in the global markets by creating a premium range of denim bottoms for men and women. GTIL recently announced to acquire Globe Denwash, a company that specialises in providing full-scale washing services and research & development to keep up with the fast-evolving fashion trends. With this acquisition, GTIL opened itself up to new possibilities of growth as vertical integration brings multiple synergies like cost benefits, creative liberties, and enhanced margins.
Continuing with its expansion plans, Globe Textiles has announced the creation of the Fashion Attire Division that will ensure that GTIL provides a higher value addition to its customers.
With the new division, GTIL aims to bring in a new range of products and apparel by introducing men’s and women’s denim & printed tops, shirts, jackets and dresses. GTIL aims to connect better with its customers, upgrade itself to a one-stop destination for fashion brands, and provide a better value proposition to its stakeholders. The new division will be headed by a senior industry leader who will lead the division with a new team. Globe Textiles ( India ) Ltd.
Mr. Bhavin Parikh, Chief Executive Officer at Globe Textiles (India) Limited commented on the development and said, “Global Textiles expects a better margin in the coming years as we now have a bigger and better range of products & services for our customers. Through the acquisition of Globe Denwash, all our products will now be manufactured and go through the washing/finishing facilities under the same roof, thus giving us creative & cost leverage. The new Fashion Attire division will give us a reason to produce more variety of premium products and will also help us use Denwash’s washing capacities. As we expand our product base, we will also be focussing on increasing and synergising our capacities. We are also planning to make a fresh investment of upto Rs 50 crores in the next 12 to 18 months to strengthen our product capacity & assets base. Thus, we expect a 30% increase in our revenue and a topline of Rs 520 crores in the coming 3 years on a consolidated basis.”
