Targets Rs. 2,000 crore revenue by FY 2024-25
The journey of a thousand miles begins with a single step. Fifty years ago, on the auspicious day of Ram Navami, Dollar began its journey. And, today we stand witness to a glorious milestone in Dollar’s history.
When we started our journey, the challenges were tremendous. But we stood tall. United. As one. And the result is in front of all of us. As one of the top innerwear manufacturers, we traverse the length of the country, making Dollar a part of every Indian closet and beyond.
The journey has been long and empathic. To be truthful, these 50 years have been nothing short of an adventure, and I have enjoyed every moment to the fullest. As I stand here, I have to be cognizant of the fact that this success story is as much yours as it is mine. Your contribution has been indelible and noteworthy.
To commemorate our success, we begin a yearlong festivity where we celebrate half a century of hardwork, untiring effort and unabashed dedication. And, what better day to start the celebrations than today, the pious day of Ram Navami, once again.As we stand at the crossroads of a milestone, now is the time to move forward with more zeal and passion than ever before. Let us propel ourselves forward to usher Dollar into the next fifty. Let our ambitions keep growing. Let our eyes be focused on growth. Let us soar higher. Let’s plan for the next fifty.
The Dollar of today
From a humble beginning as an innerwear brand, to a leading name in the innerwear segment, Dollar ranks among the top hosiery and garment manufacturing giants in India, covering the entire range of knitted garments, from basic wear to outer wear. Behind the success, lays a saga of business transformation, dedication, courage and confidence to swim against the tide and go beyond the call of duty. The focus has always remained on the needs of a globalised world and customer satisfaction.
Today, through its advanced quality products, the company is focused on achieving global excellence in cost, quality and productivity. Dollar is a household name in India, producing 3,00,000 pieces of garment every day at the company’s state-of-the-art manufacturing facilities and growing exports.
Leading with experience and insight
Mr. Vinod Kumar Gupta, Managing Director, Dollar Industries says, “As we complete 50 years and look back with pride, we believe the true differentiator in Dollar’s success story has been our ability to constantly reinvent ourselves and stay forever contemporary. If Dollar today is synonymous with quality and excellence, it is because we have managed to blend the best of both worlds – legacy and new-age thinking, making us a force to reckon with in the Indian innerwear space”.
“What has remained unchanged, though, is our unwavering commitment to offer the best to our customers, addressing their evolving needs and also enabling them to stay on trend. With a new zeal and a revamped brand architecture, we now have embarked on the next leg of our journey with the goal to become a `2,000 crore company by 2025”.
Dollar delivered an impressive set of numbers, with revenues growing 30% y-o-y to Rs. 1,350.32 crore during financial year 2021-22. The overall financial improvement could be attributed to the widening its product basket and footprint, investing in digitalisation and revamping of existing distribution network.
STRATEGIC ADVANTAGE
Dollar entered into a strategic partnership with G.O.A.T Brands Lab Ltd, Singapore for Pepe Jeans Innerfashion Pvt. Ltd, a joint venture company of Dollar. It is a multi-brand distributor for men, women and kids’ undergarments under athleisure, sportwear, lingerie, leisure wear, sleepwear and lounge wear, and would enable us to undertake business operations in India, Sri Lanka, Nepal, Bangladesh and across the globe. This partnership would provide Dollar the opportunity to widen its supply of finished goods directly to end consumers through D2C channels and make a mark in the super premium segment.
Binay Kumar Gupta, Managing Director, Dollar Industries said : “We are confident that the strategies we have in place will catalyse our growth journey over the foreseeable future. In line with this, we are investing in a state-of-the-art integrated warehouse, which is expected to be commissioned in the latter half of this year. Instead of operating through six different warehouses in Kolkata, an integrated warehouse would enable us to improve efficiencies, inventory, productivity and quality, and reduce cost and wastage. In addition, it would enable us to catalyse Project Lakshya distribution expansion and related ERP initiatives.
“We are also making investments towards increasing our spinning capacity from 22,000 spindles to 42,000 spindles. This would help us a great deal in mitigating the irregular supply of yarn, maintaining quality, ensuring abundance of stock and increasing our in-house yarn capacity form 400 TPM to 600-700 TPM. We successfully forayed into the EBO segment with the launch of our first such outlet in Ayodhya, Uttar Pradesh, under the Franchise-Owned FranchiseOperated model to start with. By the end of FY 2022-23, we expect to have 25-30 more new EBOs in Uttar Pradesh and Rajasthan”, he added.
Transforming IT infrastructure
Dollar has also focused on developing and strengthening its Information Technology (IT) infrastructure at various levels, some of the major highlights are
- Transitioning from Oracle ERP to SAP S/4 Hana
- Creating Integrated Auto Replenishment System (ARS) and Distributor Management System for its distributors
- Implementation of ARS at the supply chain level
- Implemented Sales Field Assist app for enhancing its secondary sales
The Company believes that the above transformations will lead in establishing transparent engagements with its retailers, building deeper insights about on-ground realities thereby achieving increased productivity and efficiencies.
Dollar, as a responsible corporation, has always prioritised environmentally friendly operations and renewable energy sources. Between 2008 and 2013, the company installed four windmills with a total capacity of 4.96 MW, capable of generating roughly 70 lacs units of electricity per year. Dollar installed a 4 MW solar power plant at its Tirupur manufacturing facility in FY 2019-20. The solar project, which is part of Dollar’s “Green Mission” effort, has a power generation capacity of 75 lacs units per year.