Himatsingka has commenced trial production at the company’s new greenfield Terry towel plant located in Hassan, Karnataka effective Feb 20, 2019. The new plant will have an installed capacity of 25, 000 tonnes per annum. The plant is expected to commence commercial production during the first half of FY20.
During the year, the Company completed the capacity debottlenecking initiative at the Sheeting plant. The Sheeting capacity now stands enhanced at 61 MMPA (Million Meters Per Annum) vs a capacity of 46 MMPA, earlier. In early 2018, Himatsingka commenced commercial production of the world’s largest spinning plant under one roof with an installed capacity of 2,11,584 spindles. Himatsingka now operates amongst the world’s largest integrated sheeting plants and the world’s largest cotton spinning plant under one roof.
Himatsingka clocked turnover of Rs. 2, 654 crores during the financial year 2018-19. Commenting on the Company’s performance, Mr. Shrikant Himatsingka, Managing Director & Group CEO said: “The operating and financial performance for FY19 has been satisfactory. We clocked a new high on the consolidated revenue and EBITDA fronts. It has been an exciting fiscal that entailed new brand additions, stabilization of our new spinning asset and the commencement of trial production at our new Terry Towel facility. Going into FY20, we remain focused on enhancing capital efficiencies and our market share across geographies and categories we operate in.”
In line with the company’s strategy to enhance brand led revenue streams, Himatsingka has acquired the home textile portfolio of Global Brands Group Holdings Limited. The home portfolio includes licensing rights for the Tommy Hilfiger brand (for North America), the Copper Fit brand and other brands. Himatsingka also assumed global rights for the Calvin Klein Home brand.
The company has further strengthened the brand portfolio by entering into an exclusive licensing agreement with the Iconix Brand Group, Inc for the Royal Velvet brand. The licensing rights is for the territory of North America.
Revenue from brands stood at Rs. 2, 255 crores compared to Rs. 1, 610 crores in the previous year. The integration of acquired brand licenses, including Tommy Hilfiger was completed in March 2019.
Himatsingka continues to be a leader in the Cotton Track & Trace space with its exclusive DNA tagging technology along with its branded Cotton platforms – PimaCott, HomeGrown, OrganiCott and GizaCott.
The Himatsingka Group is a vertically integrated textile major with a global footprint. The Group focuses on the manufacture, retail and distribution of Home Textile products. On the manufacturing front, the Group operates amongst the largest capacities in the world for producing Bedding products, Bath products, Drapery & Upholstery fabrics and Fine count Cotton Yam. Spread across North America, Europe and Asia, the Group’s retail and wholesale distribution divisions own and or license among the largest brand portfolios in the home textile space. With a team of over 10,000 people, the Group continues to build capacities and enhance reach in the global textile space.