The Nusli Wadia-controlled Bombay Dyeing is understood to be stepping
up its focus on the textiles business due to sluggish business trends
in the real estate market. The company is now looking overseas to set
up its retail stores and will open its first 4,000-sq ft concept
stores in Dubai soon. The Mumbai-based Rs 1,000-crore major, in which
Nusli Wadia has a 43% stake, has tied up with the Dubai-based luxury
lifestyle retailer Rivoli Group.
Bombay Dyeing ED SK Gupta will be in Dubai over the coming weekend for
the purpose, a company insider said. Rivoli Group directors Adel
Zurooni and Abdul Aziz along with fashion designers Sabyasaachi
Mukherjee and Wendell Rodricks will be there at the time of
inauguration next week.
The store will cater to the mass, premium and designer segments with
brands such as Sabyasachi Signature Line, Wendell Whites Signature
line, Urban Living, Country Romance, CMYK, Sorbet and the Bombay
dyeing evergreen printed collections. When contacted by ET, Mr Gupta
declined to divulge details. "Things will be clearer in the next two
days, especially about our Dubai plans," he said.
Established in 1879, Bombay Dyeing is the flagship company of the
Wadia Group and has been in news for various controversies with Group
Danone, Reliance Industries and the Kolkata-based jute baron Arun
Bajoria. As part of its restructuring plan for its textiles division
and consolidation of its manufacturing facilities at one location, the
company has disposed off old equipment at Spring Mills and right sized
its workforce.
Currently, the textile sector accounts for about 14% of India's total
industrial production and contributes nearly 15% of total exports. The
group is also exploring other retail opportunities, including building
hypermarkets and partnering foreign brands in India.
Meanwhile, Bombay Dyeing executive director MK Singh will vacate his
office next month on completion of his notice period; AK Dasgupta,
former CEO of Gherzi Eastern, a Bombay Dyeing Group company and
special advisor to Bombay Dyeing, will assume overall charge of all
real estate projects
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