Foundation day bonanza aims at exceeding sales target

The Tamil Nadu Handloom Weavers' Co-operative Society Ltd (Co-optex) will celebrate its ‘foundation day' by rolling out a ‘buy two, get one free' scheme in all its 202 showrooms across the country.

The foundation day bonanza is applicable on the entire range of products. The product to be offered under the scheme spans from handkerchief and towels to expensive saris priced between Rs.30 and Rs.2 lakh.

As per the scheme, if one buys two saris, a third sari of lower value will be given free. If a customer buys a towel and a sari, the towel will be offered free.

The scheme will be in force from March 17 to April 2. Those purchasing a single item will also get discounts starting from 20 per cent.

For the current fiscal, Co-optex has fixed Rs.225 crore as the sales target against Rs.200 crore achieved during 2010-11.

As on date Co-optex has sold goods worth Rs.188 crore. Through the two-for-one offer, the society plans to rake in around Rs.40 crore and exceed its target.

Talking to The Hindu, Co-optex Special Officer and Managing Director, Vijay Pingale said: “For the first time in the 77 years of Co-optex, we are coming out with a scheme of this kind. This idea emerged at a recent review meeting with the Chief Minister, who asked us to devise something different from the regular 30 per cent rebate.”

Denying that the attempt was to clear old stock, he said, “It is neither a clearance sale of old stocks nor an inventory-reducing exercise. Presently, we have stock worth Rs.100 crore and it is difficult to say how much of it is old or very old stock as inventory is taken once in six months. Besides, 50 per cent discounts are offered on stocks that are over three years old.”

Mr. Pingale said they were in the process of implementing the enterprise resource planning (ERP) system across all major showrooms to integrate internal and external functions of the society.

It would take at least six months to reap the benefits.

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