Textile industry hopes for recovery in festival season

Gaurav Poddar, president and executive director of Siyaram Silk Mills Limited, told the media on Wednesday said during this period, the industry normally reports as much as 35 per cent of its annual sales.

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As the country slowly starts to open up in phases during the lockdown, multi-brand retail shops have also started opening up for business. (Representational)

The textile industry has pinned its hopes for a recovery in the third quarter of the present fiscal, which coincides with the festival season. In the last two months, due to the lockdown, the industry has lost out on massive amounts of the business it usually gets during marriage season in summer.

Gaurav Poddar, president and executive director of Siyaram Silk Mills Limited, told the media on Wednesday said during this period, the industry normally reports as much as 35 per cent of its annual sales.

As the country slowly starts to open up in phases during the lockdown, multi-brand retail shops have also started opening up for business. Some stores have seen good footfall in parts of the country, said Poddar.

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“Our feedback from Uttar Pradesh and other parts have surprised us. The footfall in stores have been above our expectations,” he said.

Poddar said the textile company is engaging with retail partners to ensure the need to maintain social distancing.

Siyaram’s also announced the launch of its initiative ‘Textile Mahakumbh’, a unique concept that aims to bring together over 25,000 retailers from across the country on a single platform. Textile Mahakumbh is scheduled to be hosted on May 23 and will be live-streamed on YouTube.

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