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High Spirit Commercial Ventures, which owns premium luggage brands Traworld and Priority backpacks, plans to raise ₹100 crore for working capital and expansion.
The company expects to start production of 20,000 backpacks a day at its new plant at Patna in three months. It also plans to set up a new line for producing hard luggage using polypropylene at the surplus land near its 1.31 lakh sq ft wearhouse at Bhiwandi, on the outskirts of Mumbai.
Tushar Jain, Managing Director, High Spirit Commercial Ventures, said import of packpacks and hard luggage from China has reduced substantially in the last few months with the ₹20,000-crore industry getting more organised after the roll-out of GST.
“The ₹6,000-crore fashion-oriented luggage bag market is growing rapidly and with this in mind we have signed filmstar and fashion icon Sonam Kapoor as brand ambassador for Traworld,” he added.
The company is selling 60,000 pieces of Priority backpacks a month through Dmart alone and the demand from other hypermarts and online website has been strong, he said.
“We are in talks with couple of firms and in advanced stage of finalising a deal to raise ₹100 crore. We have already invested ₹85 crore in the new factory and warehouse,” he said.
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