Indian fabric manufacturing firm Siyaram Silk Mills which forayed into readymade garments with the brand Oxemberg, witnessed an exceptional rise of 169.3 per cent in net sales at its garments division during last five fiscals, according to the company's annual reports.
The net sales reported for the fiscal 2010-11 at the readymade garments division of Siyaram Silk Mills was Rs 898.915 million, which increased to Rs 2,420.793 million in fiscal 2014-15. Net sales at the readymade garments division increased by 29.75 per cent year-on-year during 2011-12 to Rs 1,166.372 million and by 76.05 per cent during 2014-15 to touch Rs 2,420.793 million.
Oxemberg sold 1.923 million pieces of readymade garments in fiscal 2010-11, which increased to 3.883 million pieces by 2014-15. exceptional growth in readymade garment division is due to high profit margin in the segment which caters to mass markets. Usually, demand for such goods in not affected by changes in market conditions, according to analysts.
The percentage share of readymade garment’s division in total turnover of Siyaram's was recorded at 17.82 during the fiscal 2014-15