Siyaram’s mulling entry into men’s perfumes and deos

Realising the potential in the men’s deodorants market, textile major Siyaram’s is mulling to enter the segment, a top company official said.

Siyaram’s, which owns brands like J Hampstead, Oxemberg, Siyaram MSD, has about 100 exclusive stores and wants to expand it to 250 before venturing into new category.

“When we increase our exclusive shops, we will look at new products. In the next three to four years, the company-owned stores will be around 250-300. Once we reach 250 stores, we will look at perfumes and deodorants,” Siyaram’s vice-chairman and managing director Mr Ramesh Poddar told PTI.

The domestic deodorant market is estimated to be around Rs 900 crore, and the men take a lion’s share of 70 percent.

According to analyst firm Technopak Advisors, the segment is expected to grow at about 25 per cent annually.

Siyaram’s closest competitor, Raymond’s, is present in the segment with its brand Park Avenue.

The city-based garment maker also plans to invest Rs 160 crore in FY13 to up its fabrics/ garments manufacturing.

“We have decided to expand our fabrics and garment manufacturing capacity. For this, we plan to spend Rs 160 crore this fiscal,” Mr Poddar said. The company plans to increase the fabrics capacity by about 10 lakh metre a month.

Siyaram’s, which enjoys a market share of 20 per cent in the Rs 6,000-crore organised garments market, manufactures 550 lakh metres of fabric annually.

It also makes 2.5 lakh pieces of garments every month and plans to increase this to 3.2 lakh pieces, Mr Poddar added.

The BSE-listed company is expecting a growth of at least 15 per cent in net sales during the fiscal. “Last year we clocked a net turn over of Rs 900 crore and expect to touch around Rs 1,100 crore this fiscal,” he said.

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