The brand, initially targeted at the high-end/premium segment when it was launched in 2019, has now shifted its focus towards accessibility.
Akanksha Himatsingka, CEO, Home Textile Solutions, revealed that global textile manufacturer Himatsingka’s recently launched brand Himêya aims to establish a presence in 10,000 stores in India. She stated that the first target is to reach 1,000 stores by the first quarter of the next year.
According to her, the brand, initially targeted at the high-end/premium segment when it was launched in 2019, has now shifted its focus towards accessibility. The product range has expanded to cover various price points, starting from Rs 299 for a bath towel and going up to Rs 1399 for a sheet set. Himatsingka emphasised that these are aggressive price points, and over the years, the brand has evolved to become extremely diverse in its offerings, catering to diverse preferences and aesthetics.
Himatsingka mentioned that the brand has already established a presence in 70–80 multi-brand outlets, primarily in large-format stores and online. The goal is to generate Rs 1,000 crore over the next 5 years from the brand, with a specific focus on growing market presence in India.
In terms of financial performance, the company reported a significant improvement in its second-quarter results. There was a 17% year-on-year growth in total income to Rs 748.15 crore compared to Rs 639.68 crore in Q2 FY23. Profit after tax (PAT) for Q2 FY24 was Rs 28.78 crores, a positive shift from a loss of Rs 33.89 crore in the same quarter last year. The improvement is credited to increased capacity utilisation levels, reduced raw material costs, and lower energy costs.
Regarding the global demand environment, Himatsingka mentioned that the company does not anticipate massive fluctuations due to its diverse spread. Working with large Fortune 500 clients has contributed to consistent demand. However, she remains cautiously optimistic about the future.
The company believes in the importance of diversifying across markets, leading to its foray into the Indian market, which is seen as holding significant potential.
As an integrated textile group with a global footprint spanning North America, Europe, and Asia, the company designs, develops, manufactures, and distributes various textile products.
Regarding manufacturing capacity, there are no immediate plans to add capacity. The company currently operates a 400-acre campus in Karnataka, focusing on the production of bedding, bath, drapery, upholstery, and yarn products.