It shouldn’t come as a shock {{that a}} sizeable chunk of people in India nonetheless don’t placed on socks. The potential market is large. The organised section of the socks market can be thriving. In 2024, earnings on this market is projected to realize US $ 184.60 million, with an anticipated annual progress value of 4.23 per cent (CAGR 2024-28).
One in every of many distinguished avid gamers throughout the organised sector is Ritex Overseas, a socks producer and exporter actively specializing on this rising section. Although Ritex was built-in in 1997, it began its journey in 1980 as Goswami Hosiery Works, initially specialising in socks dyeing sooner than starting manufacturing in 1984. Consistent with Gopal Goswami, MD, Ritex Overseas, the company at current boasts a month-to-month manufacturing functionality of two.5 million pairs of socks, utilising the latest knitting machines. With a gift turnover of spherical Rs. 60 crore -65 crore, it expects to realize Rs.90 crore – 100 crore on this fiscal 12 months.
Ritex primarily exports to Europe, the USA and the Heart East and caters to predominant and minor producers nationwide. The company operates its manufacturing facility in Haryana, coping with all of the items from design and colour option to sampling, knitting, linking, washing, boarding, packaging and supply.
In an distinctive interview with Apparel Sources, Gopal discusses the merchandise the company affords, its sustainability initiatives, enlargement plans and further. Listed below are the edited excerpts.
AR: There’s an numerous variety of sock varieties and designs. How do you see your self turning into into this dynamic market?
GG: We have all corners coated. We offer no-show (loafers), low-ankle socks, high-ankle socks, ankle socks, crew socks and high-crew socks with a focus on prime quality parameters equal to breathability, cushion, sturdiness and luxurious which can be of utmost significance to us.
Cotton is undoubtedly the most typical supplies used for every type of socks, with a mixture of synthetic yarns in minor parts to spice up sturdiness and luxurious. A relative newcomer to the textile scene is modal yarn, a specialised sort of rayon derived from beech timber. The beauty of modal is that it’s extraordinarily clean and breathable, whereas moreover being extraordinarily absorbent. We moreover use bamboo, which presents a softer and further luxurious actually really feel compared with cotton. We’re moreover specializing in promoting and along with bamboo additional into our manufacturing to help the planet by using sustainable yarn in predominant parts.
In an effort to achieve utmost shopper satisfaction, we customise our differ of merchandise as per the specs and requirements of our consumers.
AR: We see numerous emphasis on sustainable socks. What are you doing on this regard and inform us about your totally different sustainability initiatives?
GG: Sustainability is a critical concern which the world is getting aware about. We have moreover taken a few initiatives to be a part of the sustainable drive. It’s not merely the raw supplies extraction that causes irreversible harm; it’s moreover the non-degradable provides that pollute our planet prolonged after manufacturing. The reality that every polyester thread ever made nonetheless exists in our ecosystem is chilling.
Recognising the urgency of the situation, we decided to create eco-friendly socks. After in depth evaluation and experimentation, we discovered that bamboo emerged as an stunning however good substitute for harmful provides. Bamboo is extraordinarily sustainable on account of its quick progress, making the extraction course of straightforward and setting pleasant.
Our sustainable bamboo socks are clean as quickly as processed. They incorporate pure components that help forestall pores and pores and skin allergy signs and totally different factors frequent with totally different yarn provides. Bamboo’s breathability ensures you gained’t face any odour or sweat points, even after a protracted day at work and plenty of washes.
These eco-friendly socks preserve colour exceptionally properly, allowing you to resolve on any shade with out worrying about bleeding. We’ve taken explicit care to handle match and design, so though the fabric is clean, the rigidity of the bamboo core helps preserve its kind and match with out stretching out.
In fact, bamboo socks have become one in every of our highest-selling merchandise, notably throughout the formal class. We cater to all demographics and even present to plenty of kidswear producers and it appears consumers are ready to pay a premium for them.
Not too way back, we’ve moreover started working with hemp, sourcing Japanese yarns for our new merchandise. Moreover, we’re BCI, BSCI and Oeko-Tex licensed, reflecting our dedication to sustainability.
AR: What are your enlargement plans?
GG: My last function is to assemble the No. 1 socks manufacturing facility in India. At current, we have got 400 machines, nevertheless our imaginative and prescient is to broaden to 3000 machines and acquire a turnover of Rs. 300 crore sooner than branching out into totally different verticals.
For 3000 machines, we’ll need a great deal of yarn. Establishing a mill for this may take time and effort, nevertheless attaining this may make us far more aggressive, even with China. We’re big area to broaden our operations.
We’ve established a evaluation division centered on socks, overlaying all of the items from design to yarn progress. We’re moreover exporting to producers like Balmain (French luxurious model house) and are concentrating on growing our export market.
We even have in-house producers referred to as ‘Holacozy’ and ‘Congratulations’, which we plan to market every internationally and domestically.
Nonetheless, our principal focus is on-line, as we think about this platform can generate a giant amount of earnings for our producers. We moreover intention to concentrate on the mass market, the place crucial section of shoppers lies, presenting an unlimited various. The turnover throughout the premium section wouldn’t be as extreme, even when the income margins are larger.
By mastering the manufacturing of high-quality merchandise, we’ll provide them at a less expensive value, which is our USP. That’s the price for money we’ll current, similar to what retailers like Zudio, DMart and Reliance provide. We plan to shortly arrange a giant presence on this section and introduce revolutionary approaches.