Growing Spandex Market “C
in India Prompts Hyosung to Open Factory in India
The Korean conglomerate Hyosung, having one of its arms well stretched over the textile industry, is in the initial stages of setting up a Spandex yarn manufacturing factory in India. Since its establishment in 1992, Hyosung’s Spandex brand Creora, which is committed to excellence in quality, service and value, is constantly developing new products to meet the needs of the customers through continuous R&D to open new vistas in the textile industry. reora provides excellence in terms of uniformity and productivity to the customers and also, it has distinguished its brand through executing differentiated global marketing activities by introducing its customers’ fabric to famous brands at creora® Fabric Library, located in cities such as Seoul, New York, Milan, Hong Kong and Shanghai,” said J.G. Lim, Director, hyosung Corporation india pvt. Ltd.
Hyosung officials have listed the Indian Spandex market in their top 5 and have mentioned its ever-growing nature. Hyosung has witnessed a good market growth of about 8% per month in the Indian market, which has led to more than 50% growth a year. “India is a very progressive market and has triggered a hike from 1300 tonnes/ month to 1800 tonnes/month in production,” said Lim. The demand of the market has pushed to company to start a new factory in India.
Creora’s market share is about 50% of the market in India. “We expect to increase the share as we provide superior technical support and best quality products. We anticipate the Spandex market in India to grow continuously as the demand is driven by increasing consumer awareness about healthy lifestyle and demand for comfort in various kinds of apparel, including denim,’ he averred.
Lim also pointed out that the primary mission of the group is to support the growth of the Indian and Southeast Asian textile manufacturers through new products, exceptional service and trend presentations.
In India, the company is working with manufacturers engaged in production of woven, denim, knitted, narrow fabric elastic, warp knitting textiles and diapers, including the likes of Vardhman, Ginza Industries, Pratibha Syntex, Maral Overseas and many others.
(Left to right) - J.g. Lim, director, Hyosung Corporation india pvt. Ltd., udai kumar agarwal, director, annadih Vincom pvt. Ltd., ajay gupta, Manager, Hyosung Corporation india pvt. Ltd.
J.g. Lim, director, Hyosung Corporation india pvt. Ltd.