Himatsingka Seide, a manufacturer of silk, blended silk yarn and bed linen fabrics, is aiming to build up alternate distribution modes for its retail business.
KOLKATA: Himatsingka Seide, a manufacturer of silk, blended silk yarn and bed linen fabrics, is aiming to build up alternate distribution modes for its retail business, its CFO K P Pradeep said. He, however, drefused to elaborate.
The company is also looking at strengthening its retail presence in geographies like Middle East and South East Asia by setting up more ‘Atmosphere’ stores, which will all be company-owned.
Himatsingka Seide started its retail foray in 2003, through its arm, Himatsingka Wovens. It now has 14 Atmosphere stores in the country, and one each in Dubai and Singapore.
Meanwhile, the company’s 12.5-mw captive power plant, coming up at its Hassan textile special economic zone, 40 km from Bangalore, will go on-stream from July 2009.
This unit will supply steam and power and is expected to bring about a cash accretion of about Rs 15 crore in the first year itself.
At present, the company gets its supply of steam from a furnace oil fired boiler. But furnace oil prices are linked to crude prices and have almost doubled in the last one year.
The company posted a consolidated net loss of Rs 23.99 crore for the year months ended March 31, 2008, against a net profit of Rs 61.43 crore in the previous year.
During the year, the company, through its wholly owned subsidiary, Himatsingka America Inc, concluded the acquisition of US-based Divatex Home Fashions and DWI Holdings.
It acquired 80% and 100% respectively in the two firms. It also acquired a 70% stake in Giuseppe Bellora SpA of Italy last year.
The company commissioned its Rs 437-crore bed linen facility at Hassan in October last year.
m_madhumita@dnaindia.net
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