Hyosung is today globally recognised for its focus on speciality yarns. Hyosung’s textile business currently lead the world textiles industry with its spandex, polyester and nylon yarns. Hyosung’s Spandex Performance Unit has been expanding its technology and business with its brand creora, to produce the world’s best spandex brand through specialized production and R&D, global network, and marketing strategies. The company also produces various differentiated polyester and nylon yarns from regular yarns to high functional specialty yarns in order to create high values for customers.
Hyosung remains focussed on the Indian textile market and has been steadily expanding its presence. The company had its major presence at the Textiles India 2017 exhibition held in Gandhinagar. The Prime Minister, Mr. Narendra Modi visited the Hyosung pavilion to understand the products and solutions offered by the company. We spoke to Mr. Dinesh Keswani, General Manager – Spandex PU, Technical and Business Development, Hyosung Corporation India Pvt. Ltd., to know about the company’s growth strategy and its future plans.
Excerpts:
How is the textile business for Hyosung? How was 2016 and how was the first half of 2017 for the company globally?
Last two years were excellent for Hyosung’s global spandex business. We increased our capacity in China and Vietnam. The expansion in Vietnam was made to serve the growth in demand in South-East Asia, including India.
We see continued growth in spandex penetration in woven/denim/circular knitting to meet the consumer demand for comfort. We also see growth in active wear and the athleisure market which is really lifestyle oriented.
Which are the key global markets in which Hyosung has been performing well?
India is one of the key global markets for us. We have seen the Indian and other South-east Asian spandex market grow from more than a decade. India is an emerging market for many reasons, including its huge population. We anticipate Indian spandex market expansion in 2017 as demand is driven by increasing consumer awareness about healthy lifestyle and demand for comfort in various kinds of apparel like denim.
What are the new products and global innovations introduced by Hyosung for the textile industry?
Recently we developed the creora® Fresh that is the anti-odor spandex that neutralizes 4 odor caused by chemical bonding, Isovaleric Acid, Acetic Acid, Ammonia, Nonenal.
It would add value especially on active/sportswear, intimate wear and hosiery. Many global mills and brands have big interest in it.
We have also launched creora Fit2 which is a new innovation in 4-way stretch denim using creora eco-soft in the warp. This development is to meet the consumer need for the perfect fit from the 4-way stretch denim.
Are you making or have made any major investments in expansion of manufacturing capacity?
Hyosung is the largest producer of spandex in the world with the creora® brand. We expect to reach 230,000 MT by the end of this year.
How important is the Indian market for Hyosung for its textiles business?
Well, the Hyosung creora is expecting India to emerge a leading textile manufacturer of stretch and functional clothing for export as well for domestic consumption, with its young population focusing more on fashion with comfort. In the last five years Hyosung has been performing well by supporting its user technically by introducing new ideas for developing new fabric as per the global trend, providing solution to textile manufacturers by Hyosung textile specialty spandex yarn creora / Nylon / Polyester, including technical yarn e.g. aramide (alkex)/carbon(Tansome).
Have you launched any new product recently? Can you give details of the new products and their relevance for the Indian market?
As we launched the anti-ordor spandex, we thought it would be a new and good market. During the last few months, the hot keyword in the fashion market was ‘Athlesure’ (Athletic + Leisure). It means people wear for daily life and exercise as, for example yoga.
Moreover, we also have plans to penetrate the denim market. Creora spandex also can add value on the denim garment. In addition to regular spandex, creora has kinds of specialty yarn. To meet the consumer need for the perfect fit and comfort from 4 way stretch denim, we launched creora Fit2, and some Indian denim mills are trying to test this item.
What is the technical and commercial advantage that Hyosung offers?
These days there was demand of comfort as well as fashion over all kinds of apparels. So creora is being used on intimate wear, denim, knitwear, woven garment and swimwear. creora has many classified products to meet apparel mills’ requirement. And the reputation in one kind of apparel makes trust in creroa. The key factor in getting manufacturer’s trust to use our product is Hyosung service/technical ability and assurance.
Is there a plan to invest in the Indian market for manufacturing?
Hyosung has six regional offices in India to respond quickly to customer calls by its experienced and trained technical manager. Regarding potential investment in India, our project team is studying this, and the intent is future investment in a spandex factory in India.
With India’s increased focus on textile manufacturing, do you expect the country to play a bigger role in the years to come?
India already has its big role and contribution for global textile requirement, which is expected to increase, Hyosung has been expanding its team to explore the opportunity for service and support to its customers.