Sanjay Lalbhai, Chairman, Arvind Ltd., has said that the domestic market is expected to come back as the second wave of COVID-19 recedes and the festival season comes closer although uncertainties resulting from the pandemic still persist.
Addressing the shareholders in the company’s annual report for 2020-21, he said that export markets, including the US, are poised to deliver strong growth in coming quarters and the overall demand growth is expected this year as retail and distribution pipelines are running low on inventory.
The textile veteran said that we are not yet free from the uncertainties resulting from the pandemic and we will continue to watch on both the opportunities and potential risks, and take a balanced approach forward.
He said, “Domestic markets started seeing traction around Diwali. Overall, the momentum picked up well in H2 and we wrapped up the year with a strong fourth quarter.”
In FY21, Arvind made ‘great strides’ in strengthening its digital front-end enabling it to serve its global customers much more swiftly.
He also highlighted that Arvind’s sampling process has moved online, and sets us up for a much speedier response to the market. The company is also investing in blockchain-based solutions to improve traceability of inputs.