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Tirupur-based sock maker SNQS expands capacity

Socks manufacturer SNQS, based in Tirupur, plans to expand production capacity. The company has 700 socks making machines, producing 90,000 dozen socks a month. SNQS will add a further 100 machines with an investment of nearly Rs 7 crores. The company uses machines of Italian manufacturer Lonati and is likely to install the same machines in future as well.

The company works with cotton, bamboo, aloe vera yarns and is now trying options in Tencel also. Though these yarns are comparatively expensive, SNQS wants to give something new to the market. Working with prestigious companies like M&S, Max (Landmark Group), Nutmeg etc. the company is also receiving some tag on orders from such exporters that want to give socks along with their core products.

Global socks market is estimated to grow at a CAGR of 8.5 per cent from 2015 to 2023. In a number of developing and less developed countries, such as Asia Pacific, Latin America and Africa, the market features a largely unorganized structure with a number of domestic players that tap growth opportunities through their economical products. Athletic socks are presently the most in-demand varieties of socks. The segment accounted for over one-third of overall sales of socks across the globe in 2014.