### **Company Overview** Siyaram Silk Mills Ltd. (SSML), established in 1978 and headquartered in Mumbai, is a leading Indian textile and apparel conglomerate with over four decades of industry presence. The company went public in 1980 and has since evolved into a vertically integrated player with strong capabilities in fabric manufacturing, garment production, and retail. SSML is known for its high-quality textiles, trusted brand portfolio, and strategic shift toward direct-to-consumer (DTC) retail. --- ### **Business Segments & Revenue Mix** - **Core Business**: Branded fabrics (primarily poly-viscose blends) and ready-to-wear garments, with fabric sales accounting for approximately **77% of total revenue**. - The company is strategically shifting its revenue mix toward **apparel and organized retail** via new brand launches, aiming to reduce reliance on traditional distribution channels. - **Exports** contribute **~10% of total revenue**, with a presence in 32+ countries across Europe, North America, the Middle East, Southeast Asia, and Latin America. --- ### **Brand Portfolio** Siyaram Silk Mills owns a diversified portfolio of strong, well-recognized brands across multiple segments: | **Brand** | **Segment** | **Key Positioning** | |------------------|-------------------------------------|---------------------| | **Siyaram’s** | Fabrics (mass) | Household name; trusted fabric brand | | **J. Hampstead** | Suiting & Shirting (premium/super-premium) | 100% worsted suiting, premium garments | | **Oxemberg** | Ready-made garments (premium) | Formal and casual menswear | | **Cadini** | Super-premium fabrics & lifestyle | Italian heritage; "Made in Italy" apparel, perfumes | | **Mistair** | Fashion fabrics (mass) | Trendy, affordable fabrics | | **ZECODE** | Fast fashion (retail) | Gen Z-focused, value-priced (up to ₹999) | | **DEVO** | Ethnic wear (retail) | Mid-to-premium occasion wear for men | > **Note**: Cadini SRL is a wholly-owned subsidiary of SSML, managing global trademarks and luxury offerings. --- ### **New Retail Expansion: ZECODE & DEVO** In FY25, Siyaram launched two **company-owned and operated** retail formats to capture growth in high-potential fashion segments: #### **1. ZECODE – Fast Fashion Brand** - **Target Segment**: Gen Z (urban youth) in **South India**, especially focused on **Karnataka (Bengaluru and Tier II cities)**. - **Product Range**: Trendy, affordable apparel for men, women, and children; accessories planned. - **Pricing**: Up to ₹999 per unit. - **Store Format**: - Initial formats: 4,000–6,000 sq. ft. - **Standardized to 7,000–10,000 sq. ft.** based on performance data. - **Store Count**: - **23 outlets** as of Q2FY26 (up from 16 in Q1FY26). - Part of **35 new stores planned across ZECODE and DEVO for FY26**. - **Cluster Strategy**: Focus on **South India** for localized expansion. - **Marketing**: Digital, influencer campaigns, and in-store events. #### **2. DEVO – Ethnic Wear Brand** - **Target Segment**: Men’s ethnic wear (weddings, festivals, casual cultural events) in **North India**. - **Positioning**: **Mid-to-premium**, with kurta pyjamas priced between **₹1,700–₹12,000**. - **Store Format**: **2,000–4,000 sq. ft.**, located in malls/high streets. - **Store Count**: - **12 outlets** as of Q2FY26. - Plans to open **15 more by March 2026**, focusing on scaling in **Delhi, UP, and Punjab**. - **Cluster Strategy**: Concentrated expansion in **North India**. - **Synergy**: Leverages Siyaram’s fabric expertise, design, and sourcing network for vertical integration. > Both brands follow a **retail-first, asset-light model** with **no third-party brands** carried. > Stores require **₹1–1.5 crore of investment** each; fully funded via **internal accruals**. --- ### **Retail Strategy & Expansion** - **Expansion Model**: - **Company-owned stores (COCO)** for ZECODE and DEVO. - **Franchise model** used for legacy brands (e.g., Siyaram’s, Oxemberg) to accelerate growth with lower capex. - **Men’s Bazaar**: A franchise initiative targeting Tier III/IV towns with ~₹23 lakh investment per store. - **Pan-India Distribution**: - **250+ retail stores** (company and franchisee-operated). - **800+ distributors** across India. - Presence in **Tier I to Tier III cities**, with increasing focus on underserved markets. - **Omnichannel Presence**: Own e-commerce platform, third-party marketplaces (e.g., Myntra, Amazon), and offline retail. --- ### **Manufacturing & Operations** - **Integrated Manufacturing Plants**: Located in **Tarapur (Maharashtra), Daman, Amravati (Maharashtra), and Silvassa (Dadra & Nagar Haveli)**. - **Capacity (Annual)**: - **55.2 million meters** of fabric (494 looms). - **2 million garment pieces**. - **2.4 million kg knitted fabric**, **4.8 million kg indigo dyeing**. - **Asset-Light Model**: - **50% of fabric production outsourced**. - **80% of garment production outsourced**, enabling flexibility and low fixed costs. - **Certifications**: ISO 14001:2008 (Environmental Management) and ISO 45001 (Occupational Health & Safety). --- ### **Innovation & Product Development** - **Fabric Innovations**: - **DEN-KNIT** (knitted denim) – first in India. - **Bamboo-blended shirting** (under EVITA & BREEZY). - **Ethnair**: Ethnic wear fabrics. - **Tessio**: Premium knitwear (joggers, track pants). - **Lifestyle Extension**: Launched **Cadini-branded perfumes** (premium, online-only via cadiniitaly.in). - **R&D Focus**: In-house design studio, trend forecasting, and customer feedback integration. --- ### **Financial & Operational Highlights** - **Annual Fabric Sales**: ~100 million meters. - **Apparel Sales**: ~4.5 million pieces (FY24). - **Customers Served**: Over 5 million (FY24). - **Capital Expenditure**: ~₹50 crores allocated for 30 new ZECODE and DEVO stores (FY25–FY26). - **Marketing Spend**: ~4–5% of turnover; traditional media for legacy brands, localized/digital for ZECODE & DEVO. - **No external debt**; self-funded growth via internal accruals. --- ### **Leadership & Branding Initiatives** - **Brand Ambassador**: Bollywood actor **Ranbir Kapoor** appointed in August 2024 to enhance youth engagement and modernize Siyaram’s image. - **Slogan**: "Coming home to Siyaram" – widely recognized across Indian households. - **Sustainability & Digital Transformation**: - Cloud-based ERP (Microsoft Azure), AI/ML, IoT, and blockchain in IT roadmap. - Criteo for digital advertising, advanced POS and BI systems for data-driven decisions.