Mumbai-based textiles maker Welspun India reported a 38.39 per cent decline in consolidated net profit for the June quarter. Total income during the quarter was down 3.65 per cent. Total expenses of the company during the quarter were up 3.92 per cent.
Welspun India is part of the Welspun Group and is also gaining momentum in new channels such as hospitality and e-commerce. Welspun wants to be a $2 billion, debt-free company by 2020. Setting up Wel-Track, which traces cotton from its source to the point-of-sale, the company is bringing in traceability to the fore with plans to chart the brick-and-mortar route ahead.
The US continues to be a key market for Welspun which contributes around 65 per cent to its business, with 25 to 30 per cent coming in from the rest of the world, and five per cent from India.
In smart textiles, Welspun’s new initiative in home décor features augmented reality-infused duvet covers and rugs for children. Called Spin Tales, it has launched in Toys R Us in the US and on Amazon. It has also recently launched in Lifestyle stores in India and will be followed by Hamleys and QBC in the US.
