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Arvind Mills Limited ARVIND MILLS LIMITED Arvind Mills is India's largest and the world's third largest denim manufacturer. Background Arvind Mills Ltd. (AML), the flagship company of the US$ 500 million Lalbhai Group, was incorporated in 1931. It aimed at manufacturing high-end superfine fabrics with imported state-of- the-art machinery.With 52,560 ring spindles, 2552 doubling spindles and 1122 looms, it was one of the few companies in the early period of India’s The company has carved out an aggressive strategy industrialisation to have spinning and weaving to further expand its current operations by setting facilities along with full-fledged facilities for dyeing, up world-class garment manufacturing facilities and bleaching, finishing and mercerising. offering a one-stop shop, offering complete garment packages to its international and domestic In the mid 1980s the Indian textile industry was customers.Apart from this, the company with a faced with a crisis on account of the power loom host of international and domestic brands like Lee, sector churning out vast quantities of inexpensive Wrangler,Arrow, Flying Machine, Newport, Ruf & fabric which led to many large composite mills Tuf etc in its portfolio is focusing on becoming the losing their markets.While the company was largest branded apparel company in India. operating at its highest level of profitability during this period, it took a proactive measure to increase The Indian promoters hold 37.0 per cent of the its focus on the international markets to counter total equity in the company. Foreign institutional the threat from the power loom sector. In 1988, investors, non-resident Indians and overseas the company entered the export market for two corporate bodies hold 24.4 per cent stake in the segments, denim for leisure & fashion wear and company while the Indian public holds 20.03 per high quality fabric for cotton shirting and trousers. cent stake. Mutual funds, banks, financial institutions, By 1991, the company had become the third largest insurance companies and private corporate bodies producer of denim in the world. hold the remaining stake in the company. Company Products Established Founder Distribution Production plants Arvind Mills Fabrics and 1931 Lalbhai Brothers Europe, US, India Ltd. Garments West Asia, 19 Products and brands prices in the international markets.The company managed to turnaround from 2002 onwards by Arvind Mills has been one of the leading textile undergoing financial restructuring which helped in producers in India.The company is present in both substantial reduction of interest cost. Apart from the fabrics and garments segments of the textiles this, the company also followed a disciplined strategy industry value chain. In fabrics, the items of of improved product and customer mix, increased manufacture include denim, shirting, khakis, capacity utilisation and control on sourcing of cotton knitwear and voiles. Denim contributes more than and other raw materials to reduce procurement 60 per cent to the company’s turnover. In the costs.These changes have been largely responsible garments segment, it is present in both the for the upswing in the company’s profitability in the domestic and international markets for formal and last 3 years. casual clothing. The company achieved a higher capital efficiency, The company is one of the leading players in the which is evident from its return on capital employed domestic ready-to-wear garments segment. It has (ROCE) of 9.1 per cent in 2005, which was better successfully launched and established multiple than the textiles industry’s ROCE of 7.3 per cent. brands - own as well as international ones (under license from the respective companies). Its own Arvind Mills’ contribution in making brands are managed by its subsidiary Arvind Brands ‘Made in India’ global Limited and are marketed in India and some neighbouring countries. Own brands include Flying Arvind Mills has over the years become a force to Machine, Newport and Ruf & Tuf in jeans and reckon with in the entire textile value chain.The Excalibur in shirts. Licensed brands include Arrow yarn manufactured by one of its subsidiaries,Arvind (formals and casuals), Lee (jeans),Wrangler (jeans) Cotspin, is ranked amongst the best in the world. and Tommy Hilfiger (fashion). The company has a strong foothold in the international markets for denim fabric. Many Financial Analysis varieties of the shirting fabric manufactured by the company sell at a premium in international Arvind Mills has witnessed a growth in gross sales markets. Its khakis are also becoming popular in during the period 1999 to 2005 at CAGR of 10.6 per the export markets. Its Knits division serves some cent, with gross sales reaching US$ 389 million in of the best brands in the world and the company is 2005. Exports have grown at a CAGR of 8.6 per cent in the process of ramping up the capacities to cater to reach US$ 177 million in 2005. Profit after tax has to the increasing demand. grown at a much higher CAGR of 43 per cent in the same time period owing to improved market Arvind Mills' major change in market focus came conditions, better price realisations and lower about in 1987 when the company established its financial expenses especially in the last three years. Denim division to market denim fabric in international markets. Since than, it has become The company’s top line and bottom line have been world’s third largest manufacturer of denim with a highly volatile in the past, particularly between 1999 capacity of 110 million metres per year. Its and 2002, when it faced rising interest costs because vertically integrated denim plant ranks amongst of high level of borrowings, volatility in cotton and the most modern in the world. In 2005, the other raw material prices as well as depressed denim company sold denim worth about US$ 234 million, 20 majority of which was sold in more than 70 (Gujarat) with an investment of US$ 50 million in countries in Europe, US,West Asia, the Far East technical collaboration with Alamac Knits Inc. of and Asia Pacific. USA.The company offers one of the world’s most comprehensive range of knitwear products for The company has a major presence in the renowned garment brands and retailers of the international premium shirting market and has a world.The khakis division of the company is the modern shirting plant to manufacture high value only one in South East Asia to launch two cotton shirting.The plant has a capacity of 33.5 collections annually.The in-house product million yards per year and the company is one of development team co-ordinates with European the largest exporters of premium shirting fabric designers to prepare the new collections on from India.The plant has an integrated regular basis. manufacturing facility from yarn to finished fabrics under one roof to produce world-class quality.The Factors fuelling Arvind Mills’ shirting division has an in-house design studio with global initiatives a team of qualified professional designers, including designers based in Italy and UK. Till mid 1980s,Arvind Mills’ focus was more on marketing its products in the domestic market. Its The company has a state-of-the-art garment major change in strategy came about in 1987 when manufacturing plant at Bangalore (Karnataka) to the company established its Denim manufacturing manufacture shirts and tops primarily for the division with the primary aim of marketing denim international markets.The plant has an annual in international markets. In the last two decades, capacity of 4.5 million pieces.This factory has been the company has become the world’s third largest put up in technical collaboration with an Italian manufacturer of denim with a capacity of 110 apparel consultancy firm, CF ITALIA, which million metres per year. specialises in apparel manufacturing and technical consultancy. Most of the output from this factory In order to strengthen its international presence, the is being exported to USA and European markets. company has focused on producing the highest quality of products, both fabrics and garments, while Apart from the above, the company has a major incorporating the latest designs at the same time.The presence in the international knitwear and khakis company has its own dedicated teams of designers in markets also. The knitwear division is a part of the its various offices who work in close co-operation ‘multi-product textile facility’ set up at Gandhinagar with international designers based in Italy, UK etc. 21 Mills is already in the process of increasing its capacities for various products and also tying up for outsourcing opportunities to take advantage of the changing market dynamics. The company is focusing on optimising the product mix for all its divisions to further improve the performance of each division, which is being done by emphasising on the high value added products. As denim already accounts for about 60 per cent of the company’s gross sales, it is trying to spread Apart from the above, the company has adhered to the product risks by reducing dependence on only its aggressive strategy to expand its operations by one product.As part of this, shirting, knits and setting up world class manufacturing facilities, which khakis are being focused on to achieve a more offer complete packages to its international and balanced product mix.The company also plans to domestic customers. Its woven garments unit for have increased focus on high value added garments example has been set up in technical collaboration in both existing and new geographies. with the Italian apparel consultancy firm, CF ITALIA, while its Knitwear garments unit has been Branded apparel consuming class in India is set up in technical collaboration with Alamac Knits expanding at a CAGR of 11 per cent and this is Inc.
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