Parties should be open for suggestions to minimise loss mutually
Indo Count Industries is an India-based home textile company engaged in manufacturing of textile products like bedding, quilts, pillows, sleeping bags, etc, and preparation and spinning of cotton fibres including blended cotton. In an interview with Fibre2Fashion, KK Lalpuria, Director of Indocount Industries, speaks about the industry-wide crisis brought in by the pandemic and the steps his company is taking to cope with the situation.
Amidst COVID-19, factories have reported cancellation of orders from brands/retailers. How do you view the current situation?
The current situation is very uncertain, complex and unprecedented. Customers who have closed their stores or point of sales have no option but to cancel the orders. Even for those who have not cancelled orders, we are unable to ship for them. Some have deferred the orders hoping to start by first week of June, when the overall impact of the disease reduces. But as of now the current situation is very bad.
What are your suggestions / inputs to fashion brands / retailers on tackling this issue?
As the situation has impacted both the parties in the business they should take each other’s view in resolving them. They should be open for suggestions and see how they can minimise the loss mutually. They should plan together for the future and see how they can sustain their market shares and also build on opportunities.
What steps are you taking to tackle order cancellations?
Our prime objective is to ensure that our staff and workers are safe including their families and we would take all appropriate steps to make them feel secured. Once we are allowed to start operations legally, we would convert the Work-In-Progress (WIP) to finished form and keep the goods ready for shipment so that we can serve our customers well.
We are studying the credit terms and the customers’ business in detail and will see how we can support the business jointly. We are studying the market closely and would like to ensure that we satisfy all our stakeholders by adapting good risk management policies laid down by our company.
Once the market reopens fully, we would bring in new strategies to see how we can safeguard such disruptions in the future and grow our business further. (PC)
Published on: 13/04/2020
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.
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