At 37, he is a successful businessman, heading a Mumbai-based listed company. But it was not all smooth going. He had very humble origins, without peer support, but he worked his way up through hard work.

Harshad Thakkar is now the Chairman and Managing Director of Ashapura Intimates Fashion Ltd (AIFL), one of the sub-continent’s largest manufacturers of intimate-wear. In an interview with BusinessLine , he talks about the company’s growth and future plans. Edited excerpts:

Could you give a brief background of Ashapura Intimates?

I came to Mumbai in 1993 and set up the company in 1999 with my late father’s insurance money. Today, I have two companies—Ashapura Intimates Fashion Ltd which is into retail, online and exports; and Momoi, which is into production and designing.

The combined market capitalisation is ₹400 crore. Today, Ashapura has the biggest product basket in intimate-wear, like under-garments, sportswear, swimwear, nightwear and all other types of home wear.

Ashapura’s products are sold at over 13,000 outlets across India and we have over 100-plus distributors. We sell our nightwear and loungewear products under the brand name Valentine.

How has the growth been for the company over the years?

In 1999, our turnover was ₹28 lakh. In FY14, it increased to ₹163 crore. The combined profit after tax (PAT) of both Ashapura and Momoi is around ₹11.5 crore.

What are your main products?

We have a big basket of products, including loungewear, under-garments, sportswear, which we have just launched, swimwear, nightwear, honeymoon sets, jackets, lingerie and bathrobes, among others.

We cater to both men and women and to all ages—from toddlers to 60-year-olds.

Which is your best-selling product?

Loungewear, which includes pyjamas, contributes nearly 60 per cent to our turnover and profit. We have a specialised team for every product and all our products have found acceptance in the marketplace.

How were the last three years for the company?

We grew at around 30 per cent in the last three years. It’s true that the global economy was in a slump; even domestically, the economy was stagnant. However, Ashapura fared well even during this time. You see, in our line of business, the economic environment does not affect us very much. In loungewear and the undergarments segments, fittings are a minimal problem in terms of size. This segment was not much affected by economic stagnation. Our exports contributed 5 per cent to our revenue in FY-14 and this fiscal it should be in the range of 15-20 per cent. Unlike others in this sector, who do job work, we export our own Valentine-brand products.

How do you see the next three-years?

We are investing ₹27 crore to establish a 250,000 sq ft plant at Vapi, Gujarat, which should be ready by end-2015. This facility will be in addition to the 225,000 sq ft plant we already have in Maharashtra. Our major export market is the Gulf region and now we intend to expand to Africa and Canada. To keep an edge, we introduce 3,000 new designs every year using the latest technology.

What are your plans on the retail front in terms of store-network?

So far, we have been only into manufacturing, but now, we also plan to enter retail business and open stores under the brand name of Valentine. In a month or so, our plan is to have 10-12 stores. By 2020, we would have a 200-strong store network at an estimated investment of ₹50-60-crore.

Which region in the country contributes most to your kitty?

The northern and western regions contribute around 30 per cent each to our total revenue. The southern region contributes around 22 per cent and the east pitches in with 18 per cent.

What is your vision for your company over the next five years?

We are the market leader in loungewear. There is no MNC competition for us in this segment. We have just launched our sportswear range and by end-2015, we would introduce kids’ undergarments as well. I am confident we will be a ₹1,000-crore entity by 2020.

Do you feel you would perhaps have been more successful if you had obtained an MBA degree?

No. Had I been as educated, I wouldn’t be taking the risks I easily take now!

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