The Inspiring Journey of Trident Group Mr Rajneesh Bhatia CEO of myTrident
Trident Group, a leading Indian business conglomerate with a valuation of USD 1 billion, operates on a global scale from its headquarters in Ludhiana, Punjab. Renowned as the largest producer of terry towels and wheat straw-based paper worldwide, Trident has garnered praise for its cutting-edge manufacturing technologies, skilled workforce, and commitment to excellence.
TVC Media Team had the privilege to talk to Mr Rajneesh Bhatia, CEO of myTrident at Bharat Tex 2024. For almost twenty years, he has been linked to the industry, significantly contributing to the establishment of Trident Group’s successful Home Textiles division. His instrumental efforts have positioned Trident as a top global contender in the field. Throughout his tenure, he has been pivotal in enhancing Trident’s terry towel units’ export capacities and driving significant international partnerships with renowned retailers worldwide.
How is Bharat Tex for your brand? Please provide insights into what the Trident Group, as a whole, is currently involved in and how its B2B and B2C business operations are structured.
Being a part of Bharat Tex is truly amazing; this government initiative took us by surprise. The overwhelming response and immense footfall exceeded our expectations. With a three-decade experience in shows, this event stands out like no other. Transitioning from a B2B model, we now embrace PM’s vision of ‘Farm to foreign’, engaging with suppliers and retailers worldwide. Our journey to establish our brand has been rewarding. Venturing into direct-to-consumer sales and opening exclusive stores has been a significant step. At Bharat Tex, our Spring-Summer collection captivated a thousand retailers across India, garnering orders for the upcoming months.
Could you share your perspective on the future direction of Trident Group?
Our vision for Trident Group revolves around seizing the immense growth opportunities in the global and domestic textile markets. With favourable government policies and unwavering support, we are poised to become industry leaders. Currently, our international growth is steady at 30 to 40% annually, with a strong foothold in the USA and expanding into Europe. Our focus is now shifting towards the Gulf, Southeast Asia, and of course, India. Embracing an omnichannel approach, we plan to establish exclusive stores, and a robust online presence where the customer gets our product within 48 hours.
At the moment, how many retail shops do you currently have?
We have transitioned to a multi-brand outlet model and now boast approximately 4,000 outlets across India, particularly dominating in the north and NCR regions. Looking ahead, we plan to expand our presence to the Eastern and Southern regions of India. This expansion has generated significant interest in distribution and new store openings. The festive season in India, from August to October, accounts for a substantial portion of our sales compared to the rest of the year.
Could you provide details about your plans for business growth or production strategy?
In terms of our expansion strategy and production capabilities on an international scale, our organisation has been experiencing consistent growth. As a fully integrated organisation, we have increased our spindle count and expanded spinning capacity by 20%. We prioritise producing our yarn to gain a competitive advantage, enabling us to innovate, collaborate, and introduce new finishes and technologies to our fabrics. Additionally, we have enhanced our towel and sheet capacities by 30%, addressing the demand for fashion towels with our new Jacquard facility.
Would you like to disclose your figures?
In the upcoming year, our target internationally is to reach a revenue of 10,000 Cr, and in the domestic market for home textiles, we aim to achieve around 1000 Cr. Currently, we are at approximately 7,000 Cr, with a growth projection of 35-40%. So, our goal is to progress towards that 10,000 Cr benchmark.
Could you please elaborate on your strategy for Innovation and R&D? Do you have a dedicated team or unit to drive this?
When entering a meeting with international buyers, the key inquiry often revolves around what’s new in the industry. This presents a challenge in an industry largely centred around cotton. To infuse freshness into products, a strong focus on R&D and Innovation is essential for survival. Across different segments like bedding and towels, teams must continuously learn and adapt, fostering an environment that encourages experimentation with fibres, finishes, and technology to introduce novel concepts. At the core of our company’s ethos is sustainability, reflected in initiatives to minimise water usage – exemplified by our waterless dye technology in the Earth Lover collection.
Could you please provide information on your current market share in both India and globally?
The situation varies from country to country. Unfortunately, in India, the market numbers are quite small due to its unorganised nature. When looking at the market size, it is estimated to be around 30,000 crores. Rather than focusing on market share, it is more important to note that there is immense growth potential for all major manufacturers and brands. Currently, the market share stands at a modest 2%, indicating that there is room for improvement for all players. The goal is to capture a 10% market share in the next three years.
The rapid growth of the Home Textiles category is undeniable, but the market’s significant lack of organisation poses a critical question: What is the primary obstacle to overcome in this sector?
The current state of disorganisation necessitates a shift towards educational marketing to catalyse progress. A unified effort is required from all stakeholders to elevate the industry. Iconic brands like Ashirvad and ITC are already household names, indicating a promising trajectory for similar products. However, the prevalence of individual towels highlights a hygiene concern that needs to be addressed collectively.
A growing number of startups are venturing into the home textile category, establishing their brands. As a corporate entity like yours, what message and motivation do you have to offer these startups?
The introduction of new players and startups in the home textile industry is a significant and exciting opportunity. This influx is set to bring about a multi-fold increase in the industry, which is beneficial for the country as a whole. India is already home to several reputable organisations in this sector, with some renowned names making their mark online, through exclusive stores, and in large-format media. Embracing these newcomers and their innovative ideas is something to be celebrated.
