Textile: Ferney Spinning Mills in Negotiations with Benetton

10 years, 4 months ago - November 04, 2013
FSM in Negotiations with Benetton
It is positioned to become a potential supplier of the Benetton Group. Mushtaq Sooltangos, General Manager of Ferney Spinning Mills (FSM), confirms that the company has initiated discussions with the giant Benetton, traded in New York, Milan and Frankfurt. Among the best known brands in this group include United Colors of Benetton, Sisley and Undercolors of Benetton.

" Benetton is looking for a strategic supplier to outsource the manufacturing of woolen thread. They have their own spinning but in the long term, they want to be more open for obvious reasons of profitability. For their manufacture wire wool Maurice cost them less , "says Mushtaq Sooltangos. at this stage, FSM has already made several presentations expertise to officials Benetton. " We showed them our expertise, but also our company and our values on the ethical culture. All these elements are important to work with a prestigious partner as Benetton , "he says. 

In addition to discussions with Benetton, FSM can already count on a strong partnership with Marks & Spencer, its biggest customer. For the fiscal year ending June 30, FSM achieved a record year in terms of volume of yarn produced for Marks & Spencer. Currently, 30% of its production is over for this client.

Strengthened partnership with Marks & Spencer

As part of strengthening its partnership with Marks & Spencer, FSM also launches in the segment Ladies wear , a way to further diversify its offer. She hopes to send a first order of this range this year. For this, the spinner is working to " feminize " by including in its base material, other materials such as Lurex, spandex, silk and cashmere. The Ladies segment wear could open new opportunities for growth in the future, because it represents the largest share of the business of knitwear.

Besides its partnership with leading international brands, FSM is always looking for new customers. After his participation in trade fairs Milano Unica, Il Filao de Milan and Première Vision à Paris, the Mauritian spinner is in discussion with four to five potential customers to provide Italian wool.

FSM, which produces 1600 tons of yarn and wool annually - which 1000 tonnes are used by Floreal Knitwear Ltd - has invested Rs 30 million in a new production line, operational since January. For the fiscal year ended June 30, FSM achieved a turnover of Rs 692 million. And next year looks better for the company as its order book is well filled to date.

 

Text by Business Magazine

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