Welspun Living

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Welspun Living Limited
FormerlyWelspun India Limited
Company typePublic
IndustryTextiles
Founded1985
FounderBalkrishan Goenka[1]
Headquarters
India
Key people
  • Dipali Goenka (CEO and Joint MD)[2]
  • Rajesh Mandawewala (MD)
RevenueIncrease ₹9,377 crore (US$1.2 billion) (FY22)
Increase ₹606 crore (US$76 million) (FY22)
ParentWelspun World
Subsidiaries
WebsiteOfficial website

Welspun Living Limited, previously known as Welspun India Limited,[3] is an Indian textile manufacturing company headquartered in Mumbai, Maharashtra.[4] Founded by Balkrishna Goenka in 1985,[5] the company produces home textile products such as bed linen, terry towels, rugs, and yarn.[6] Welspun operates several brands, including Christy,[7] Spaces and Welhome,[8] and is led by Dipali Goenka, who serves as the CEO and managing director.[9]

History[edit]

Founded in 1985 by Balkrishna Goenka as Welspun Winilon Silk Mills in Palghar, Maharashtra,[10] Welspun India initially focused on polyester texturizing.[11] In 1991, the company went public through an initial public offering (IPO) and subsequently changed its name to Welspun India Limited.[5] Towel manufacturing and export operations began in 1993 with a new plant in Vapi, Gujarat.[5] In 1998, Welspun secured its first outsourcing order of terry towels from Walmart.[11] Subsequently, the company began exporting towels to additional American retail majors including JCPenney, Target, Kmart, Tommy Hilfiger, Calvin Klein, Shopko and Costco, as well as retailers in Europe, Australia and New Zealand. In 2004, a new facility in Anjar, Gujarat, was established for bed linen production,[12] with a capacity of 35 million meters per annum.[13] The Toweling facility started commercial production in March 2005, and the spinning facility commenced commercial production in June 2005.[5]

In 2007, Welspun started a bedding sets facility in Mexico.[14] In 2009, the company demerged its Sales & Marketing and Investment divisions into two separate entities - Welspun Global Brands Ltd. and Welspun Investments & Commercials Ltd.[15][16] In 2014, Welspun launched a new spinning facility at Anjar, Gujarat.[17] In 2017, Welspun entered the flooring and smart textiles sectors, expanding into in the Middle East, Japan, Australia, and the EU.[18] On February 9, 2017, the company partnered with the Cotton Egypt Association (CEA) to promote Egyptian cotton products globally.[19][20]

Acquisitions and subsidiaries[edit]

In 2006, Welspun India acquired an 85% stake in CHT Holdings, the holding company of the UK's largest towel firm, Christy, for the equivalent of $28.7 million USD.[21] Christy's existing management retained a 15% stake in the company and continued to be involved in its operations. Following the acquisition, Rajesh Mandawewala, joint Managing Director of Welspun, was appointed Chairman at Christy.[22]

As part of a demerger move in September 2008, Welspun separated its Sales & Marketing and Investment divisions, creating two distinct entities—Welspun Global Brands Ltd. (WGBL) and Welspun Investments & Commercials Ltd (WICL). WGBL was specifically responsible for the sales and marketing division of Welspun's home textile business.[23]

In 2012, WGBL was reintegrated into Welspun India Limited. However, the marketing business of Welspun India was separated and transferred to a third firm called Welspun Retail Ltd (WRL). In the same year, certain overseas investments of Welspun India Limited (WIL) were moved to WRL.[24] Welspun Retail was later renamed Welspun Global Brands Ltd to maintain its marketing identity.[25]

References[edit]

  1. ^ "Welspun India: Out Of The Woods". Forbes India. Retrieved 7 July 2023.
  2. ^ "Welspun expects ₹1,700-cr revenue from retail biz by FY26". The Hindu Businessline. 16 February 2023. Retrieved 7 July 2023.
  3. ^ Ksheerasagar, A. (26 October 2023). "Welspun Living shares rise 107% in seven months; is there more upside left?". mint. Retrieved 6 February 2024.
  4. ^ "Welspun India Ltd Analyst report" (PDF). Sharekhan.
  5. ^ a b c d Gopalan, Krishna. "From Vapi to Wimbledon". OutlookBusiness. Retrieved 6 February 2024.
  6. ^ "Welspun's BK Goenka: Spinning Solutions". Forbes India. Retrieved 6 February 2024.
  7. ^ K, Muthukumar (10 July 2006). "Weaving new dreams". The Economic Times. ISSN 0013-0389. Retrieved 6 February 2024.
  8. ^ "Welspun India Ltd analyst report" (PDF). Ventura.
  9. ^ Law, Abhishek (6 September 2021). "Welspun India looks at ₹730 crore turnover from e-commerce". BusinessLine. Retrieved 6 February 2024.
  10. ^ "New Spins". Businessworld. Archived from the original on 7 October 2017.
  11. ^ a b "Dream weaver". India Today. Retrieved 6 February 2024.
  12. ^ "Welspun targets $2 billion turnover by 2020". The Textile Magazine. 6 March 2014. Retrieved 6 February 2024.
  13. ^ K, Muthukumar (10 July 2006). "Weaving new dreams". The Economic Times. ISSN 0013-0389. Retrieved 6 February 2024.
  14. ^ Merchant, Krishna (14 September 2015). "Will Welspun India continue to spin higher growth?". mint. Retrieved 6 February 2024.
  15. ^ Basu, Aniruddha; Pandey, Swati. "Welspun India to list 2 spun-off entities in a month". Reuters.
  16. ^ "Welspun India to merger with Welspun Global Brands". Business Standard.
  17. ^ Seth, Neha (16 August 2017). "The Weaver Welspun India". Outlook Business. Retrieved 6 February 2024.
  18. ^ "Welspun India expands into flooring solutions". BusinessLine. 14 December 2016. Retrieved 6 February 2024.
  19. ^ Ghosal, Sutanuka (9 February 2017). "Welspun India Ltd enters into an agreement with Cotton Egypt Association". The Economic Times. ISSN 0013-0389. Retrieved 6 February 2024.
  20. ^ "Welspun India To Promote Egyptian Cotton Through Tie-up With Industry Association". Forbes India. Retrieved 6 February 2024.
  21. ^ "Welspun buys UK's Christy". The Economic Times. 4 July 2006. ISSN 0013-0389. Retrieved 6 February 2024.
  22. ^ "Welspun wraps up UK's Christy". Business Standard.
  23. ^ "Welspun hives off distribution, investment divisions". The Economic Times. 17 September 2008. ISSN 0013-0389. Retrieved 6 February 2024.
  24. ^ "Welspun India to merger with Welspun Global Brands". Business Standard.
  25. ^ "HC approves merger of WGBL with Welspun India". The Textile Magazine. 1 January 2013. Retrieved 6 February 2024.
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