Premier mills fory into luxary bed market
Premier Fine Linens , part of Coimbatore-based $200 million Premier mills group, plans to tap the domestic market for its luxury bedlinens. It has been catering to the global market, supplying to leading American and European brands like Calvin Klein, Westpoint Home and Sferra for the last 12 years.The company, which produces fashionable bed linens including duvet covers, pillow shams, blankets, coverlets, quilts, table linens and cushions, is planning to sell them under its own brand name Premier Fine Linens in India.
"We were predominantly exporting to the US (80%) and European markets. After seeing increasing demand for hi-end bed-linens in India, we consciously decided to launch our products here too," Premier Fine Linens MD Shanthi Srinivasan told . Premier will test the Indian waters, launching its brand in south by February 2010 and go national by June 2010.Though the size of the domestic furnishings market is not officially available, Ms Shanthi said, the initial surveys in the southern states have put the market size of branded luxury bed-linens at Rs 60 crore. Although the figure looks miniscule, nearly 65% sales of bed linens in the south are in the unbranded segment, she added.
"There are only a few branded players like Bombay Dyeing, Wellspun, Hot Wheels and Portico in India. So, we have decided to make a domestic foray under our own brand name," she said.
A vertically integrated company, Premier Fine Linens has its weaving and stitching units in Pollachi and processing house in Perundurai. At present, the stitching unit has a capacity to produce 1 lakh sheets per month. To cater to the local markets, it is looking to increase its capacity by 20%.
A vertically integrated company, Premier Fine Linens has its weaving and stitching units in Pollachi and processing house in Perundurai. At present, the stitching unit has a capacity to produce 1 lakh sheets per month. To cater to the local markets, it is looking to increase its capacity by 20%.
The company is initially planning to tap mid-segment and upper segment markets in India. "We are also looking to offer exclusive range of products (high-end bed linens) in boutique stores in Delhi, Mumbai, Chennai, Kolkata, Bangalore and Hyderabad," Ms Shanthi added. It has also tied up with CGH Earth Hotels and Hyatt in India and is slowly looking to increase its presence in the hospitality segment too.Premier reported a turnover of Rs 75 crore last fiscal. It is targeting the Rs 100-crore mark this year. Like other textile exporters, the company too saw a drop in exports orders from January 2009 in the wake of global slowdown.
"Though the market picked up by July and August this year, prices are still lower than last year’s. But we are running to full capacity," Ms Shanthi said. The company is also mulling a foray into Australia next month.
