Bombay Dyeing and Manufacturing Company to revive its textile retail business have drawn up a major strategy for a turnaround in 2017-18. Bombay Dyeing is aiming at revamping the loss making flagship textile business by investing in the brand, expanding store network, growing product portfolio and tying up with international designers. Admitting that competition from cheap imports from China and the unorganized sector had rendered its factories unviable.

Nagesh Rajanna, the company CEO for its retail segment, while announcing the company's revival strategy said that they are reinventing and major investment are lined up. Manufacturing will be outsourced. From now till 2020, the Wadia group-owned company plans to invest more than Rs 100 crore in the brand, double its multibrand outlets to 10,000, more than double its franchise stores to 500 and introduce 3-4 new products every year.

These measures would help the segment more than treble its revenues to Rs 1,000 crore by fiscal 2020 from Rs 305 crore last year. The retail in textile segment currently contributes 17 percent to the company's overall revenue. It will expand to 33 percent by 2020.

Rajanna stating that eastern India had a huge potential in the sector, the market share in this region could be enhanced from 12 percent at present to over 20 percent.

Bombay Dyeing is also planning to set up its in-house design studio and system for high-tech digital print to boost production in premium segment. Tie-up is also being made with e-commerce companies like Amazon, Flipkart and Snapdeal to reach the product at the customer's doorstep.