Welspun Living

Last updated

Welspun Living Limited
FormerlyWelspun India Limited
Company type Public
IndustryTextiles
Founded1985
FounderBalkrishan Goenka [1]
Headquarters
India
Key people
RevenueIncrease2.svg₹9,825 crore (US$1.2 billion) (FY24) [3]
Increase2.svg₹681 crore (US$82 million) (FY24) [3]
Parent Welspun Group
Subsidiaries
Website Official website

Welspun Living Limited, previously known as Welspun India Limited, [4] is an Indian textile manufacturing company headquartered in Mumbai. [5] Founded by Balkrishan Goenka in 1985, [6] the company produces home textile products such as bed linen, terry towels, rugs, and yarn. [7] Welspun operates several brands, including Christy, [8] Spaces and Welhome, [9] and is led by Dipali Goenka, who serves as the CEO and managing director. [10]

Contents

History

Founded in 1985 by Balkrishan Goenka as Welspun Winilon Silk Mills in Palghar, Maharashtra, [11] Welspun India initially focused on polyester texturizing. [12] In 1991, the company went public through an initial public offering (IPO) and subsequently changed its name to Welspun India Limited. [6] Towel manufacturing and export operations began in 1993 with a new plant in Vapi, Gujarat. [6] In 1998, Welspun secured its first outsourcing order of terry towels from Walmart. [12] Subsequently, the company began exporting towels to additional American retail majors including JCPenney, Target, Kmart, Tommy Hilfiger, Calvin Klein, Shopko and Costco, as well as retailers in Europe, Australia and New Zealand. In 2004, a new facility in Anjar, Gujarat, was established for bed linen production, [13] with a capacity of 35 million meters per annum. [8] The Toweling facility started commercial production in March 2005, and the spinning facility commenced commercial production in June 2005. [6]

In 2007, Welspun started a bedding sets facility in Mexico. [14] In 2009, the company demerged its Sales & Marketing and Investment divisions into two separate entities – Welspun Global Brands Ltd. and Welspun Investments & Commercials Ltd. [15] [16] In 2014, Welspun launched a new spinning facility at Anjar, Gujarat. [17] In 2017, Welspun entered the flooring and smart textiles sectors, expanding into in the Middle East, Japan, Australia, and the EU. [18] On 9 February 2017, the company partnered with the Cotton Egypt Association (CEA) to promote Egyptian cotton products globally. [19] [20]

Acquisitions and subsidiaries

In 2006, Welspun India acquired an 85% stake in CHT Holdings, the holding company of the UK's largest towel firm, Christy, for the equivalent of US$28.7 million. [21] Christy's existing management retained a 15% stake in the company and continued to be involved in its operations. Following the acquisition, Rajesh Mandawewala, joint managing director of Welspun, was appointed chairman at Christy. [22]

As part of a demerger move in September 2008, Welspun separated its Sales & Marketing and Investment divisions, creating two distinct entities—Welspun Global Brands Ltd. (WGBL) and Welspun Investments & Commercials Ltd (WICL). WGBL was specifically responsible for the sales and marketing division of Welspun's home textile business. [23]

In 2012, WGBL was reintegrated into Welspun India Limited. However, the marketing business of Welspun India was separated and transferred to a third firm called Welspun Retail Ltd (WRL). In the same year, certain overseas investments of Welspun India Limited (WIL) were moved to WRL. [24] Welspun Retail was later renamed Welspun Global Brands Ltd to maintain its marketing identity. [25]

Welspun USA

Welspun USA Inc is a subsidiary of Welspun India Ltd. [26] Welspun USA operates as one of the largest home textile divisions of the 3 billion dollar Welspun Group. Welspun USA has become a key supplier to 9 of the top 10 American retailers, manufacturing 1 in 5 towels in the US. Their product range includes Bath Towels, Bath Rugs, Accent & Area rugs, Down Alternative Comforters and Mattress Pads, and Fashion Bedding. [27] With over 28 active patents, Welspun has garnered some attention for its HygroCotton technology, which has temperature regulating benefits and hollow core yarn to get softer with each wash. [28] It was established in 2000, as a wholly owned subsidiary of Welspun Retail Ltd. [29]

Key people include Dipali Goenka, Executive director, Julie McKenzie, President & CEO. [30]

Controversies

Target, a US-based retail corporation, terminated its contract with the company following a dispute over cotton supply. [31] In a statement issued on August 19, 2016, Target Corporation noted that its vendor, Welspun Global Brands (Welspun), was one of the producers of 500-thread count sheets made from Egyptian Cotton under the Fieldcrest label for Target. [32] Target raised concerns, alleging that Welspun had substituted another type of non-Egyptian cotton during the production of these sheets between August 2014 and July 2016 without Target's knowledge. [33] In response, Target withdrew the affected products, offered customers full refunds, and severed ties with Welspun in August 2016. [34] Walmart and Bed Bath & Beyond also discontinued selling the implicated linens later that year. [35] [36] [37]

On August 20, 2016, Welspun India issued a statement confirming that it encountered a product specification issue with one client program of its subsidiary, Welspun Global Brands. Welspun India stated that it had initiated immediate actions to investigate the root cause of the issue and was appointing one of the Big Four external audit firms to audit its supply systems and processes. Welspun emphasized that this was an issue of the highest priority and would take all necessary steps to address it. [38] [39]

Related Research Articles

<span class="mw-page-title-main">Aditya Birla Group</span> Indian multinational conglomerate

Aditya Birla Group is an Indian multinational conglomerate, headquartered in Mumbai. The group's business interests include metals, cement, fashion and retail, financial services, renewables, fibre, textiles, chemicals, real estate, trading, mining, and entertainment. The group has a presence in 36 nations and a combined annual revenue of US$62 billion, over 50% of which is derived from its overseas operations.

<span class="mw-page-title-main">Titan Company</span> Indian multinational jeweller and watchmaker

Titan Company Limited is an Indian company that mainly manufactures fashion accessories such as jewellery, watches and eyewear. Part of the Tata Group and started as a joint venture with TIDCO, the company has its corporate headquarters in Electronic City, Bangalore, and registered office in Hosur, Tamil Nadu.

<span class="mw-page-title-main">PVR INOX</span> Indian multiplex cinema chain

PVR INOX Limited is an Indian multiplex chain. It was formed in 2023 as a result of the merger between PVR Cinemas and INOX Leisure Limited. PVR pioneered the multiplex revolution in India by establishing the first multiplex cinema in 1997 at Vasant Vihar, New Delhi. In 2022, PVR Cinemas achieved the milestone of completing 25 years in the business. As of December 2023, PVR Inox has 1747 screens across 359 properties in 114 cities.

Bharti Enterprises is an Indian multinational conglomerate, headquartered in Delhi. It was founded in 1976 by Sunil Bharti Mittal. Bharti Enterprises owns businesses spanning across telecommunications, manufacturing, insurance, real estate, hospitality, and food. The group's flagship company, Bharti Airtel, is a telecom service provider with operations in more than 18 countries across Asia, Africa and Europe. The company ranks amongst the top two mobile network operators globally by number of subscribers.

<span class="mw-page-title-main">Retailing in India</span>

Retailing in India is one of the pillars of its economy and accounts for about 10 percent of its GDP. The Indian retail market is estimated to be worth $1.3 trillion as of 2022. India is one of the fastest growing retail markets in the world, with 1.4 billion people.

<span class="mw-page-title-main">JSW Steel</span> Indian multinational steel company

JSW Steel Limited is an Indian multinational steel producer based in Mumbai and is a flagship company of the JSW Group. After the merger of Bhushan Power & Steel, Ispat Steel and Jindal Vijayanagar Steel Limited, JSW Steel became India's second largest private sector steel company.

Flipkart Private Limited is an Indian e-commerce company, headquartered in Bangalore, and incorporated in Singapore as a private limited company. The company initially focused on online book sales before expanding into other product categories such as consumer electronics, fashion, home essentials, groceries, and lifestyle products.

Welspun World is an Indian multinational conglomerate with business interests in line pipes, textile, infrastructure, and steel. It is headquartered in Mumbai.

<span class="mw-page-title-main">Welspun Corp</span> Indian company

Welspun Corp Limited is an Indian multinational company with its headquarters in Mumbai, India. It specializes in manufacturing large-diameter pipes and operates in multiple countries across six continents. Its manufacturing facilities are located in Anjar (Gujarat), Bhopal, Mandya (Karnataka), Jhagadia (Gujarat), and Little Rock, Arkansas, in the US.

<span class="mw-page-title-main">Welspun Energy</span> Independent power company

Welspun Energy Private Limited is an independent power company based in New Delhi, India. It is a subsidiary of Welspun Group.

<span class="mw-page-title-main">Kalyan Jewellers</span> Indian jewellery chain

Kalyan Jewellers is an Indian multinational jewellery company, headquartered in Thrissur, Kerala. It was founded in 1993 by T. S. Kalyanaraman. As of July 2024, Kalyan Jewellers operates 277 showrooms across India and the Middle East.

<span class="mw-page-title-main">Greaves Cotton</span> Indian engineering company

Greaves Cotton Ltd. is an Indian conglomerate engineering company that manufactures clean technology powertrain products for petrol, diesel and CNG engines and heavy equipment. The company is traded on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).

<span class="mw-page-title-main">Christy (towel manufacturer)</span>

Christy is a manufacturer of household linens and is known as the inventor of the first industrially produced looped cotton (terrycloth) towel. It was founded in 1850 in the English mill town of Droylsden, Lancashire.

<span class="mw-page-title-main">Arvind (company)</span> Indian textile company

Arvind Limited is an Indian textile manufacturer and the flagship company of the Lalbhai Group. Its headquarters are in Naroda, Ahmedabad, Gujarat, India, and it has units at Santej. The company manufactures cotton shirting, denim, knits and bottomweight (khaki) fabrics. It had also recently ventured into technical textiles with its Advanced Materials Division in 2011. The company is India's largest denim manufacturer.

ReNew Energy Global plc is a decarbonisation solutions company based in India. It is the first Indian renewable energy company to be listed on NASDAQ. ReNew operates more than 140 projects spread across nine states in India. The company provides decarbonisation solutions through a mix of green hydrogen, data-driven solutions, storage, manufacturing, and carbon markets.

<span class="mw-page-title-main">Dipali Goenka</span> Indian businesswoman

Dipali Goenka is an Indian businesswoman, and the CEO and MD of Welspun Living, a textile company in Mumbai.

Welspun Enterprises Limited (WEL) is an Indian company that develops and operates roads, highways, and wastewater projects under various public–private partnership (PPP) models in rural and urban areas. The company is also involved in the oil and gas exploration sector through a joint venture with Adani Welspun Exploration Limited.

The WoodenStreet Furnitures Private Limited, commonly known as WoodenStreet, is an Indian online marketplace for furniture, home furnishing and home décor. The company was founded in 2015 in Jaipur by Lokendra Ranawat, Virendra Ranawat, Dinesh Pratap Singh, and Vikas Baheti, and is headquartered in Jaipur. The company provides ready-to-assemble furniture, home decor and furnishing solutions.

B. K. Goenka is an Indian entrepreneur and industrialist. He is the Founder and Chairman of Welspun World, a multinational conglomerate with operations in textiles, steel, infrastructure, renewable energy, warehousing, and oil and gas. He has also served as President of the Associated Chambers of Commerce and Industry of India (ASSOCHAM).

References

  1. ↑ "Welspun India: Out of the Woods". Forbes India. Retrieved 7 July 2023.
  2. ↑ "Welspun expects ₹1,700-cr revenue from retail biz by FY26". Business Line. Chennai. 16 February 2023. Retrieved 7 July 2023.
  3. 1 2 "Welspun Living Q4 net profit rises 16 percent to Rs 146 crore". FashionNetwork.com. Retrieved 2 May 2024.
  4. ↑ Ksheerasagar, A. (26 October 2023). "Welspun Living shares rise 107% in seven months; is there more upside left?". Mint. Retrieved 6 February 2024.
  5. ↑ "Welspun India Ltd Analyst report" (PDF). Sharekhan.
  6. 1 2 3 4 Gopalan, Krishna. "From Vapi to Wimbledon". Outlook. New Delhi. Retrieved 6 February 2024.
  7. ↑ "Welspun's BK Goenka: Spinning Solutions". Forbes India. Retrieved 6 February 2024.
  8. 1 2 K, Muthukumar (10 July 2006). "Weaving new dreams". The Economic Times. ISSN   0013-0389 . Retrieved 6 February 2024.
  9. ↑ "Welspun India Ltd analyst report" (PDF). Ventura.
  10. ↑ Law, Abhishek (6 September 2021). "Welspun India looks at ₹730 crore turnover from e-commerce". Business Line. Chennai. Retrieved 6 February 2024.
  11. ↑ "New Spins". Businessworld. Archived from the original on 7 October 2017.
  12. 1 2 "Dream weaver". India Today. 27 November 2008. Retrieved 6 February 2024.
  13. ↑ "Welspun targets $2 billion turnover by 2020". The Textile Magazine. 6 March 2014. Retrieved 6 February 2024.
  14. ↑ Merchant, Krishna (14 September 2015). "Will Welspun India continue to spin higher growth?". Mint. Retrieved 6 February 2024.
  15. ↑ Basu, Aniruddha; Pandey, Swati. "Welspun India to list 2 spun-off entities in a month". Reuters.
  16. ↑ "Welspun India to merger with Welspun Global Brands". Business Standard. India.
  17. ↑ Seth, Neha (16 August 2017). "The Weaver Welspun India". Outlook Business. Retrieved 6 February 2024.
  18. ↑ "Welspun India expands into flooring solutions". Business Line. Chennai. 14 December 2016. Retrieved 6 February 2024.
  19. ↑ Ghosal, Sutanuka (9 February 2017). "Welspun India Ltd enters into an agreement with Cotton Egypt Association". The Economic Times. ISSN   0013-0389 . Retrieved 6 February 2024.
  20. ↑ "Welspun India To Promote Egyptian Cotton Through Tie-up With Industry Association". Forbes India. Retrieved 6 February 2024.
  21. ↑ "Welspun buys UK's Christy". The Economic Times. 4 July 2006. ISSN   0013-0389 . Retrieved 6 February 2024.
  22. ↑ "Welspun wraps up UK's Christy". Business Standard. India.
  23. ↑ "Welspun hives off distribution, investment divisions". The Economic Times. 17 September 2008. ISSN   0013-0389 . Retrieved 6 February 2024.
  24. ↑ "Welspun India to merger with Welspun Global Brands". Business Standard. India.
  25. ↑ "HC approves merger of WGBL with Welspun India". The Textile Magazine. 1 January 2013. Retrieved 6 February 2024.
  26. ↑ "Agreement keeps Welspun in Grove City | ThisWeek Community Newspapers". 24 June 2009. Retrieved 6 January 2011.
  27. ↑ "NexCen Brands, Inc., Announces Strategic Partnership with Welspun USA to Expand Waverly Brand" (Press release). New York: NexCen Brands. 22 January 2008. Retrieved 6 January 2011– via Prnewswire.com.
  28. ↑ "Cotton That Keeps Up". New York: Hygrocotton.com. 20 November 2018. Retrieved 15 February 2019.
  29. ↑ "WELSPUNIND History | Welspun India Ltd Company History & Profile". Economictimes.indiatimes.com. Retrieved 18 February 2011.
  30. ↑ "Welspun USA Brings on New CEO". hometextilestoday.com. 15 August 2017. Retrieved 15 February 2019.
  31. ↑ "Welspun India shares crash after US retailer ends contract". The Indian Express. 24 August 2016. Retrieved 6 February 2024.
  32. ↑ "Wal-Mart Stores Faces Lawsuit over Fake Egyptian Cotton Sheets". Fortune. Retrieved 6 February 2024.
  33. ↑ Seth, Neha (16 August 2017). "The Weaver Welspun India". Outlook Business. Retrieved 6 February 2024.
  34. ↑ "Welspun India shares slump after Target severs ties with co". Reuters. Retrieved 6 February 2024.
  35. ↑ "Walmart, Target, Bed Bath must face lawsuit over fake 'Egyptian' cotton - New York judge". Reuters. Retrieved 6 February 2024.
  36. ↑ "Lawsuits against Welspun, Wal-Mart roil cotton industry". mint. 15 November 2016. Retrieved 6 February 2024.
  37. ↑ "Walmart stops selling Welspun's Egyptian cotton products". The Hindu. 10 September 2016. ISSN   0971-751X . Retrieved 6 February 2024.
  38. ↑ "Welspun India slumps after US based client severs ties with company". Business Standard.
  39. ↑ "Welspun India extends slide post severance of ties with US client". Business Standard.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.