Cooptex set to wipe out losses, achieve break-even

N. Anand
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Strong Deepavali, Pongal sales help the process

: Backed by strong Deepavali and Pongal sales, the Tamil Nadu Handloom Weavers’ Co-operative Society (Co-optex) is all set to wipe out its accumulated losses of Rs.12 crore and achieve break-even by the month-end, its Special Officer and Managing Director, U. Sagayam, said on Friday.

The Society started incurring losses since 2000 and it peaked to Rs.85.48 crore during 2004-05. It was reduced to Rs.11.50 crore in 2011-12.

After taking stock of the situation, Mr. Sagayam told The Hindu : “Currently, we are busy introducing new designs and clothes for customers of all ages. This year, we have suspended National Handloom Expo as we were incurring huge losses. All these measures including highest procurement enabled us to register highest ever sales for two festival seasons.”

On Friday, Co-optex crossed the last year’s sales figure of Rs.215 crore and would close the financial year with total sales revenue of over Rs.250 crore. The society recorded sale of over Rs.100 crore during the Deepavali season and Rs.53 crore for Pongal festival backed by increasing procurement of goods from the societies valued at Rs.160 crore for the current year against Rs.112 crore made for the corresponding period last year.

To win back its loyal customers, Co-optex will approach a professional firm to conduct marketing survey to know the customers’ preference, why they shifted their loyalty and their anticipation.

“Most of our customers are old-timers. To lure the younger generation, we will come out with newer designs, for which we will set up a design wing in the head office by appointing 10 designers either as freelancers, contract or on permanent basis. Students from fashion institute will also be roped in,” he said.

Handlooms and Textiles Minister, S. Sundaraj on Friday launched the second edition of ‘Buy 2 and get 1 free’ scheme in the Thillaiyadi Valliyammai complex in Egmore here.

It will be in force for 25 days and expected to fetch revenue of Rs.40 crore against Rs.35 crore registered last year.




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