Considering the potential of men’s deodorants market, textile major Siyaram is likely to foray into the segment. It also has about 100 exclusive stores and aims to expand to 250 before venturing into new category.
The domestic deodorant market is estimated to be around Rs 900 crore, and the men take a lion’s share of 70%. Siyaram’s closest competitor, Raymond’s, is present in the segment with its brand Park Avenue. The city-based garment maker also plans to invest Rs 160 crore in FY13 to up its fabrics/ garments manufacturing.
Company has a market share of 20% in the Rs 6,000-crore organized garments market, manufactures 550 lakh meters of fabric annually. It also makes 2.5 lakh pieces of garments every month and plans to increase this to 3.2 lakh pieces.