Spenta International Ltd., one of the largest Indian manufacturers and exporters of cotton socks, has invested in 166 units of Lonati socks knitting machines and 28 Chinese machines, knitting over 12 million pairs of socks per annum, of which around 80% is sold to MNCs.
Spenta has imported 50 machines during January-March 2017, which will enhance the production capacity by around 15%, help to better margin gains and reduce dependence of the company on outsourcing.
Besides, the company has imported ancillary machines like 3D printing machine, embroidery machine and anti-skid machines which will help in the process of creating better value additions.
Socks industry
The socks and accessories being the unorganized and fragmented sector the entire industry size and figures cannot be estimated. The socks and accessories market in India has grown tremendously over the past six years. Although the Indian socks and accessories market is still customizing and nurturing, socks are graduating from a simple accessory to a more sophisticated product largely supported by continued innovations.
Demand for socks has been increasing gradually in the last few decades, particularly in India and other developing countries. The flow of orders has been progressively increasing with each passing year. Spenta is well poised to seize the opportunities available in the sock knitting industry on account of its state-of-the-art production facilities, technical expertise, good quality culture and emphasis on product innovation and growth potential.
The market is gradually shifting towards branded readymade garment and due to greater investment and FDI opportunities available, the company is expected to grow fast. It feels that socks are such a versatile accessory that brings innovation into, it is inevitable progression.
This augurs well for Indian companies in the textile and hosiery sector. With the Chinese domination of the world textile industry, including hosiery items, declining slowly, the base is shifting to India and other emerging / developing countries. This augurs well for Indian companies in the textile and hosiery sector.
Spenta is highly optimistic of growth in its socks business through continued network expansion and innovation. The business will continue to focus on increasing the premium and fashion quotient of its offerings on the basis of a deep understanding of consumer preferences and delivering products of world-class quality.