Devatha Fabrics to enter women's ethnic wear before Dec 2017

Devatha Fabrics, a city-based company with a century-old heritage in dealing with silk, is targeting to reach Rs 100 crore in the next five years from its current revenue of Rs 15 crore.

The company, which has recently launched ‘Tattva,’ its latest brand of men’s and kids’ silk ethnic and traditional wear, is looking at entering women’s ethnic wear before the end of the calendar year. The brand is available at over 300 retail outlets in India.

Speaking to DH, Sriram Devatha, Managing Partner, Devatha Fabrics said, “The brand ‘Tattva’ has become a staple for ethnic occasions and synonymous with exquisite silk men’s wear. Taking strides forward we began offering formal and casual wear, adding to our unique range of products. We will be soon launching men’s wear in cotton as well.”
According to a study, the Indian Ethnic/Occasion wear market was Rs 80,493 crore in 2014, and is expected to grow at a CAGR of 8% to reach Rs 120,305 crore in 2018 (with men’s wear market (Rs 3,522 crore), kids (Rs 14,358 crore) and women’s (Rs 1,20,305 crore)).

“Our team of 35 at Devatha Fabrics is looking at growing organically for the next few years, with support of five manufacturers, with whom we work closely to build our brand across the country,” concludes Devatha.