It shouldn’t come as a surprise that a sizeable chunk of people in India still don’t wear socks. The potential market is huge. The organised segment of the socks market is also thriving. In 2024, revenue in this market is projected to reach US $ 184.60 million, with an anticipated annual growth rate of 4.23 per cent (CAGR 2024-28).
One of the prominent players in the organised sector is Ritex Overseas, a socks manufacturer and exporter actively focusing on this emerging segment. Although Ritex was incorporated in 1997, it began its journey in 1980 as Goswami Hosiery Works, initially specialising in socks dyeing before starting manufacturing in 1984. According to Gopal Goswami, MD, Ritex Overseas, the company currently boasts a monthly production capacity of 2.5 million pairs of socks, utilising the latest knitting machines. With a current turnover of around Rs. 60 crore -65 crore, it expects to reach Rs.90 crore – 100 crore in this fiscal year.
Ritex primarily exports to Europe, the USA and the Middle East and caters to major and minor brands nationwide. The company operates its manufacturing facility in Haryana, handling everything from design and colour selection to sampling, knitting, linking, washing, boarding, packaging and shipping.
In an exclusive interview with Apparel Resources, Gopal discusses the products the company offers, its sustainability initiatives, expansion plans and more. Here are the edited excerpts.
AR: There’s an endless variety of sock styles and designs. How do you see yourself fitting into this dynamic market?
GG: We have all corners covered. We offer no-show (loafers), low-ankle socks, high-ankle socks, ankle socks, crew socks and high-crew socks with a focus on quality parameters such as breathability, cushion, durability and comfort which are of utmost importance to us.
Cotton is undoubtedly the most common material used for all styles of socks, with a blend of synthetic yarns in minor quantities to enhance durability and comfort. A relative newcomer to the textile scene is modal yarn, a specialised form of rayon derived from beech trees. The great thing about modal is that it’s incredibly soft and breathable, while also being highly absorbent. We also use bamboo, which provides a softer and more luxurious feel compared to cotton. We are also focusing on promoting and including bamboo more into our manufacturing to help the planet by using sustainable yarn in major quantities.
In order to attain utmost client satisfaction, we customise our range of products as per the specifications and requirements of our clients.
AR: We see a lot of emphasis on sustainable socks. What are you doing in this regard and tell us about your other sustainability initiatives?
GG: Sustainability is a major issue which the world is getting aware about. We have also taken a few initiatives to be a part of the sustainable drive. It’s not just the raw material extraction that causes irreversible harm; it’s also the non-degradable materials that pollute our planet long after production. The fact that every polyester thread ever made still exists in our ecosystem is chilling.
Recognising the urgency of the situation, we decided to create eco-friendly socks. After extensive research and experimentation, we discovered that bamboo emerged as an unexpected yet perfect substitute for harmful materials. Bamboo is incredibly sustainable due to its rapid growth, making the extraction process straightforward and efficient.
Our sustainable bamboo socks are soft once processed. They incorporate natural elements that help prevent skin allergies and other issues common with other yarn materials. Bamboo’s breathability ensures you won’t face any odour or sweat problems, even after a long day at work and multiple washes.
These eco-friendly socks hold colour exceptionally well, allowing you to choose any shade without worrying about bleeding. We’ve taken special care to maintain fit and design, so even though the fabric is soft, the rigidity of the bamboo core helps sustain its shape and fit without stretching out.
In fact, bamboo socks have become one of our highest-selling products, particularly in the formal category. We cater to all demographics and even supply to lots of kidswear brands and it turns out clients are willing to pay a premium for them.
Recently, we’ve also started working with hemp, sourcing Japanese yarns for our new products. Moreover, we are BCI, BSCI and Oeko-Tex certified, reflecting our commitment to sustainability.
AR: What are your expansion plans?
GG: My ultimate goal is to build the No. 1 socks factory in India. Currently, we have 400 machines, but our vision is to expand to 3000 machines and achieve a turnover of Rs. 300 crore before branching out into other verticals.
For 3000 machines, we’ll need plenty of yarn. Setting up a mill for this will take time and effort, but achieving this will make us much more competitive, even with China. We’re looking at big area to expand our operations.
We’ve established a research division focused on socks, covering everything from design to yarn development. We’re also exporting to brands like Balmain (French luxury fashion house) and are concentrating on expanding our export market.
We also have in-house brands called ‘Holacozy’ and ‘Congratulations’, which we plan to market both internationally and domestically.
However, our main focus is online, as we believe this platform can generate a significant amount of revenue for our brands. We also aim to target the mass market, where the largest segment of consumers lies, presenting a big opportunity. The turnover in the premium segment wouldn’t be as high, even if the profit margins are better.
By mastering the production of high-quality products, we can offer them at a lower price, which is our USP. This is the value for money we can provide, similar to what stores like Zudio, DMart and Reliance offer. We plan to quickly establish a significant presence in this segment and introduce innovative approaches.
