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Textile entrepreneurs should weigh the strategic options before them: CavinKare Founder

LN Revathy Coimbatore | Updated on September 09, 2019 Published on September 09, 2019

“Digital transformation could dramatically change the way we do business in the coming years. So be prepared. Look for the leading edge and not the losing end,” said CK Ranganathan, founder-Chairman, CavinKare Private Ltd.

Delivering the inaugural address at the SIMA Texpin 2019 (13th CEO Conference) at The Residency Towers this morning, Ranganthan urged textile industry stakeholders to stay ahead of the change, instead of blaming others or waiting for the Government.

“Assuming that there is no revival in sight, will you go back?” he asked, before retorting “when the going gets tough, the tough gets going. Therefore, change your mind-set, look inwards – at the pulls and pressures that are happening around and take the right recourse.”

Sharing some tips on how he would have handled the situation (such as the one that the textile sector is now facing with cheaper imports coming from neighbouring countries and Indian textiles losing its sheen in the global marketplace), Ranganathan said, “businesses have to be analysed from four angles such as strategy, structure, people and process.”

“Evaluate strategical options such as value-addition, creating a brand image, increasing efficiency and above all at the way e-commerce and Artificial Intelligence are being used by Gen Z to buy clothes. Use of AI in garment fitting has already started to pick up in certain parts of the world,” he said, urging the participants to evaluate options without delay.

Reverting to structure, he said “one can’t be idealistic about this (referring to structure). However, if you foresee an opportunity, you should not hesitate to put the right kind of people.”

Earlier, Ranganathan gave away SIMA Technofacts Award for 2018-19 to the top ten performing group of mills. GHCL Limited topped the list of performers followed by Sri Jayajothi Company and Precot Meridian respectively.

Published on September 09, 2019
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