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India:Retailers Wal-Marts, GAP, JC Penney & others move to destination
India - for outsourcing textiles |
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2005-3-29
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India seems to be on the outsourcing radar for world’s most recognized leading retailers like Wal-Mart, K-Mart, Gap, J C Penney and many more for America and European Union.
The biggest retailer of the world - Wal-Mart plans to source at least 5% of its textile and apparel requirements from India currently standing at about $11-billion during the coming few years.
Last financial year saw JC Penney, outsource textiles from India of bout around $500 million, and further plans to rise the sourcing to around $2 billion over next two years, according to industry sources.
Garments, towels and home furnishings, as well as shoes and accessories will be outsourced from India with figures expected to increase by 20 percent in purchases from the country.
Carrefour, Tommy Hilfiger, GAP and Marks & Spencers are not far behind as is evident form the fact that orders from their end are increasing and there is no stopping.
One clear shift is the establishment their own sourcing or buying offices being ste up within the country by many large US and EU retailers getting better access to the market and beating competition by taking the lead first.
All this will spark almost 30 percent rise in value terms for country’s textiles and garment exports during the next fiscal, according to industry estimates.
Last year, India exported about $13 billion worth textile and apparel products, with conservative estimates pegging this figure at over $20 billion by 2005-06 end.
The share of the world textile and apparel market for India will increase from 3 percent in a couple of years and by 2010, it will reach $50 billion making it second to only China in terms of global exports share. |
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