Welspun India, one of the largest home textile manufacturers in the world, announced that it was entering into a partnership with Target Corporation, a retailer with over 1,900 stores in the US, again.
Recently, Target completed a vendor re-empanelment process with Welspun Global Brands Ltd., a subsidiary of Welspun India.
A regulatory filing by Welspun India stated that “The Company shall strive to foster a strong, transparent and sustainable business relationship with Target Corporation going forward.†Until 2015-16, Welspun India’s business with Target Corporation accounted for almost 10% of its overall business.
This is the second time that the US-based retailer and Gujarat-based textile maker are coming together. Target had earlier terminated its contract with Welspun India in 2016 due to alleged lapses in labelling and marketing of Egyptian cotton products and product supply.
Welspun India offers a wide spectrum of home and technical textile products and flooring solutions. The company’s consolidated net profit rose 146.99% to Rs 1.80 billion. This was due to a 29.18% increase in sales to Rs 20.29 billion in the third quarter of FY21 as compared to the third quarter of FY20.
Source: ET Retail and Business Standard
Image Source: WelspunWebsite
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