Siyaram's acquire ownership rights to make, Italy's lifestyle brand - Cadini

Siyaram Silk Mills Ltd has bought ownership rights to manufacture and market Italy’s lifestyle brand – Cadini for its fabric segment in India, Sri Lanka and few other countries in Middle East.

“We want to give Indian consumer the Italian feel at a reasonable price by customizing it to our market. Some products will be imported from Italy, but a major portion will be from India. We will bring the Italian innovation and manufacture it over here,” said Mr. Ramesh Poddar, Chairman and Managing Director, Siyaram Silk Mills Ltd at the launch of the brand in India without disclosing the consideration.

Siyaram’s currently has annual revenue of around Rs. 1550 crore and expects to grow by 10-15% annually this year, Mr. Poddar said.

“We expect Cadini to contribute around Rs. 100 crore of our total revenues in the next financial year,” Mr. Poddar said.

Cadini will also help Siyaram’s in sourcing and designing and the brand will be available in India in superior fabrics followed by garments and accessories and will also open its own exclusive outlets & Shop-in Shop in the near future.

Expecting a great response from the humongous and fastest growing Indian market, Ms. Daniella Nicolle Faralli, Brand Director, Cadini, said, “We wanted a knowledgeable and reliable partner in India and hence stuck a relationship with Siyaram’s after having presence in 44 countries. This venture has not only provided us a platform to showcase our collection to the Indian consumer but has also helped us to discover various avenues in terms of global marketing. Our brand intends to touch upon the expectations of the discerning Indian, who is closely identical to an Italian in terms of giving importance to their respective heritage, values and beliefs.”

Cadini derives 95% of its revenues from international market and only 5% from Italian market. Siyaram’s has spent Rs. 80 crore to modernize its manufacturing facility this year and will spend around Rs. 70 crore next year funded through internal accruals as well as government incentive Textile Upgradation Fund Scheme (TUFS). This will enable the company to add 10-15% more to its monthly sales of 65 lakh metres of fabric per month, Mr. Poddar said.

The brand launch event saw a participation of approximately 1200 wholesalers and retailers. The dealers admired the fabric and colour range of the new collection. Dealers were also mesmerized by the ‘MADE IN ITALY’ catalogue displayed at the venue. Looking at the needs of Indian market, the company has developed exclusive range of fabrics in 100% long staple cotton, 100% Giza cotton, 100% linen, wool cashmere, wool-silk-linen, 100% Silk, wool blends, jacketing fabrics in 100% Linen & TR etc.