Hayleys Fabric to go to high end markets to beat the gloom
Hayleys Fabric is aiming to go into high-end markets in a bid to beat the blues of the last quarter.
The company ended with a cumulative loss of US$ 66,794 for the first half ending 30th September 2017, owing to unprecedented floods which hampered the production in the first quarter, officials said. “This year’s floods were the worst. Employees couldn’t come, due to the rain and floods while cleaning the factory was a tedious task, etc,” an official told the Business Times. He said that in a bid to arrest these situations, the company is eyeing high end markets.
“We’re approaching the top brands in the world with better products,” he said. The company’s own brand, “Inno” has made a positive impact with customers being drawn to the novelty that was created by the fabric that was developed according to brand specific requirements, he said noting that Hayleys PLC will push this brand to their existing customers.
Hayleys Fabric despite the overall loss for the first half, made a profit of $ 95,854 during the second quarter ended 30th September 2017.
The outlook for the next quarter for this Hayleys PLC subsidiary amidst an increase in raw material costs looks positive with an order book with better margins with production from new machinery also coming into operation. The largest manufacturer of polyester in the country, the company has the capability to complete the entire product portfolio of the customer, offering end to end solutions from knitting, dyeing, finishing, design and development, printing, brushing and sueding of both cotton and polyester based fabric.
The enhancement of the printing facility with reactive printing and the commencement of sublimation printing, embossing facilities would enhance the company’s product offering to attract a higher market share, according to the official. Hayleys Fabric supplies to reputed retailers including Marks & Spencer, NEXT, BHS, TESCO, George / ASDA, Victoria’s Secret and Decathlon.