“The Vardhman group has always innovated,” explains Suchita Oswal Jain, VC & JMD, Vardhman Textiles. “We have ventured into the manufacturing of breathable face masks and PPE kits during Covid times.” Jain, who has more than 20 years’ experience in the textiles industry, has gradually worked her way through the company’s various departments.
Led by SP Oswal, CMD, and his daughter Suchita, the group has been evolving as a world-class textile manufacturer and exporter of yarns and fabrics during the past few decades. A year after she took charge of a completely new venture for the group – fabric manufacturing – Jain was instrumental in setting up the fabric business, when the first plant was established in Himachal Pradesh in 1991.
“It all began in 1962, when the foundation of the first manufacturing facility of the group – VSGML – was laid by Lala Ratan Chand Oswal in Ludhiana, Punjab,” reminisces Jain. “VSGML started production of cotton yarn in 1965, with an initial capacity of 6,000 spindles. Today, it is the largest vertically integrated textile manufacturer in India and has the largest installed spinning capacity in the country – with 1.1 million spindles and 1,550 looms.” The group produces 240,000 tonnes of yarn, processes 180 million metres of fabric, makes 22,000 tonnes of acrylic fibre and crafts 18 million shirts annually.
VSGML has a turnover of more than $1 billion. It also makes sewing threads and garments, as also alloy and special steels. With 20 manufacturing units strategically located across four states – Punjab, Himachal Pradesh, Madhya Pradesh and Gujarat – the group has offices in two international locations as well.
“As a third-generation entrepreneur taking forward a legacy, I am passionate about my work,” acknowledges Jain. “I joined Vardhman during the early 1990s and, ever since, have been exploring new horizons. My career at Vardhman started at a completely fresh avenue, with the establishment of the group’s first fabric manufacturing facility, which has now evolved as a strong arm of the organisation, contributing to about 30 per cent of group’s turnover.” She is involved in formulating group strategy, CSR initiatives, governance policies, corporate services and new projects, along with expansion plans.
Vardhman primarily caters to B2B markets across the globe, including Asia, Europe, South Africa, Australia and the US. Among the brands interacting with Vardhman are GAP, H&M, Uniqlo, M&S, Target, Stylem, Kohl’s, ESPRIT, PVH and Calvin Klein for fabrics, and M&S, Decathlon, Tommy Hilfiger, NEXT, Calvin & Klein and Puma for yarns.
VSGML recorded a turnover of Rs5,587 crore in 2015-16, which grew to Rs5,728 crore in 2016-17. In 2017-18, the annual turnover was Rs5,851 crore, going up further to Rs6,415 crore in 2018-19, before showing a slight dip in 2019-20, at Rs6,325 crore. “Despite the pandemic, we have managed to hold our ground,” says Jain.
“Vardhman is known for its value system, ethical practices and transparency in its system and quality,” affirms Jain. “We have an unparalleled range of products and offer choice in customisation and change at any stage of production to customers. We continuously broaden our product range, anticipating change in market trends and demand, so that our customers have freedom of choice. Owing to these strengths, Vardhman is the preferred partner for a slew of international brands.”
The most important mission and goal for Vardhman is to be an integrated supplier in yarns and fabrics. “To achieve this, we have increased our capacity, product range, category and mix, while working on our technology, quality, innovation and product development. We have also improved our customer service and speed in work and response,” says Jain. Her primary goal has been to become a one-stop shop for the industry.
The goals have always been clear to me and I follow a long-term approach. Resting on my laurels is not for me. As soon as I accomplish something, I prefer to move forward to the next destination
“We have increased our product line and the variety of yarn we offer, to include blend, stretch-in varieties such as cellulose, linen, polyester and acrylic, so that our customers can find everything they need for their apparels. We are now India’s largest provider of stretch fabrics, including stretch yarns. Nobody makes the quantity and variety we do,” contends Jain, adding that the line-up includes a large range of patterned and printed fabrics.
Vardhman had previously produced only dyed ‘solid’ fabric but, after observing trends and noticing customer demand, the company branched out into producing more versatile and popular fabrics. A recent add-on in the corona situation in this variety was a travel shield, a range of anti-viral fabrics that keeps the wearer protected on the go.
“Our second priority is product development and innovation,” says Jain. “We never hold back in this area and are continuously investing in technology and automation and improving cost optimisation. We are also working towards strengthening the IT framework. The coming years will be focussed on digital revolutions and technologies like artificial intelligence and block chain, and we are already working to reinforce our processes and systems.” Her working style has been dynamic and detail-oriented at the same time.
“Agility in actions is a must for me,” Jain acknowledges. “The goals have always been clear to me and I follow a long-term approach. Resting on my laurels is not for me. As soon as I accomplish something, I prefer to move forward to the next destination.” Growth is inclusive, she feels; and leadership should be as well.