VISION arvind

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VISION

LALBHAI GROUP



To AchieveGlobal Dominance InSelect Business Built

Around Our CoreCompetencies,

Through ContinuousProduct And

Technical Innovation,Customer Orientation

And A Focus OnCost Effectiveness.

CORE VALUES

CORE VALUES

>> OPENNESS AND TRANSPARENCY

We are open and transparent in all that we do and say.This applies to all working relationships at everylevel.Involvement,trust and willingness to listen are the guiding principles for decision making.We believe in open communication,offer freedom to speak one's mind & act demonstrating openness & clarity in allour actions.

>>DIGNITY OF THE INDIVIDUAL AND THE INSTITUTION

Each individual is an integral part of the institution,and due diligence is core to both.The human dignity and worthof an individual is acknowledged and maintained at all times.Nothing shall impose upon the dignity and stature of the institution which has its roots in these articulated core values.

>> INTEGRITY



This is cherished above all and whatever we say, do and the way we do it, will emphasize our integrity anddependability.Our employees, products and services will clearly communicate this strength to our suppliers,customers and all stakeholders.We will practice integrity in its real sense in all our personal and businessactions.

>> TRUSTEESHIP

A strong sense of ownership and commitment towards the organization and the business as a whole,is the basic premise of all actions.We will manage our institution as a trust,as empowered leaders and do all that needs to bedone ethically for the purpose of the institution for today.We will leave behind a vibrant institution for the future of this nation and the world at large.

THE LALBHAI GROUP OF COMPANIES

THE WAY WE WORK

THE WAY WE WORK

>> CUSTOMER ORIENTATION

The underlying principle being that progress can be mapped only in terms of customer orientation, both internal andexternal, in all its spheres of quality, service and reliability. Our 'Customer Processes' are proactive & relevant andare perceived as such by our customers. Customer satisfaction is the vital purpose of our business. This necessitates

providing quality,reliability & a high level of service in all our business dealings.

>>LEADERSHIP AND INNOVATION

This stands firmly on a foundation of commitment and leadership in all that we do or say. Strong evidence is presentin our actions, an emphasis laid on an opportunity to free fly and to set standards of excellence in performance. Allthis is manifest in an environment of innovation & leadership.

>> ENTREPRENEURSHIPAll tasks are tackled with a spirit of entrepreneurship, so as to contribute in a committed and holistic manner.Delegation of substantive control and decision making exploiting business opportunities globally giving meaning tothe vision. Individually & collectively have the courage and conviction to pursue set goals to its logicalachievement.

>> GLOBAL MINDSET



This is a way of thinking that goes beyond geographical and cross cultural boundaries. Ensuing this, all decisions aremade from a global perspective. We believe that the attainment of global leadership is core to our business missionand an attitude to make it happen is indeed in the mindset.

THE LALBHAI GROUP OF COMPANIES

OverviewsVenture into the world of RENOVISION Search any dictionary and you won’t find the word.We had to coin it. It means a new way of looking at issues Of seeing more than the obvious.It is our corporate philosophy.

The time - 1931, The event - the Swadeshi Movement ... The result - non availability of fineand superfine fabric in the Indian market.At this juncture, The Arvind Mills was set up with the pioneering effort of the Lalbhaibrothers. With the best of technology and business acumen Arvind Mills became a truemultinational. We chose to invest strategically, where demand was high and quality requiredwas superlative.Since then, there has been no looking back.Arvind Mills the flagship company of the $ 498 million Lalbhai Group has now focused itsattention on a few selected core product groups. Such a focus seemed pertinent to preparethe company for playing a dominant role in the global markets.

Arvind todayA one stop shop for all cotton fabric requirements

Our product range spans the entire gamut of cotton fabric. We manufacture world class

denim, high value shirtings, Bottomweights (gaberdines/chinos) and Knitfabics. Our newMulti Product Textile facility at Santhej, 30km from Ahmedabad is a testimony to our focuson value added Textiles.Spread over 430 acres and built with an investment of Rs.1200 crores, Santhej facility is atestimony to our focus on value added textiles. Widely regarded as one of the largest andmost modern multi product textile facility, it has made Arvind a one-stop-shop for all Cottonfabric requirements.Arvind today is reinforcing its marketing efforts by focusing on brand led development. Weexpect to strengthen our existing relationship with global brands such as Marks & Spencer,V.F. Corporation, Calvin Klein, GAP, Benetton, Polo, Esprit, Tommy Hilfiger, Hugo Boss andLiz Clairborne to list a few by developing value added products and providing superior levelof service. The complex has enhance Arvind's product range and made it more responsive tothe changing requirements of some of the leading garment brands. We have alreadyachieved accreditation from Marks & Spencer and GAP for all our mills and Laboratories.

To turn our mission "TO ACHIEVE GLOBAL DOMINANCE IN SELECT BUSINESS SEGMENTS" intoreality, our manufacturing and marketing operations are now spread across the globe. Wehave a presence in 70 countries across the world.Analyze any corporate house entering the consumer business and you will inevitably need tolook closely at its brand building and marketing strategy. But consider India’s biggest textilehouse that has products tailored to fit virtually every segment of the consumer market. Thebrands fostered by Arvind include Lee & Arrow for the super premium segment, FlyingMachine & Excalibur for the premium segment, Newport for the economy and innovative

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‘Ruf & Tuf’ for the mass market. This is not all. We have recently made a foray into childrensegment by introducing Lee Youth, Ruggers Kids & Newport Kids.Best known for its global dominance of the denim market, Arvind Mills, with an annualturnover of $ 251 million FY 98 accounts for more than 75 % of the total denimmanufactured in India. Today, we are world's third largest manufacturer of denim, rolling out120 million meters every year and largest denim exporter. In India, we are the largest denim

manufacturer, the largest garment manufacturer in the branded segment and the largestretailer of jeans.Arvind’s other major presence includes Air Conditioning & Refrigeration, Telecom andFinancial Services.Global Strategy and brand marketing apart, Arvind’s key competitive edge comes from itstechnological innovation. With more than $ 130 million invested in technology over the lastfive years alone, Arvind has taken a quantum lead over its rivals. The company is in theprocess of expanding its existing garmenting production facilities in India, Mauritius andMadagascar and this will enable it to move up the value chain considerably.

The most important factor in a competitive environment is something that has not beencomprehended in India; the need for articulating a vision and then bolstering it by ironingout the glitches in the strategic focus.

OUR VISION"To achieve global dominance in select business built around our core

competencies, through continuous product and technical innovation, customerorientation and a focus on cost effectiveness"

Our society is at the threshold of a paradigm shift with the rapidly expanding economy andthe millions of opportunities it throws into the laps of men and women. All along LalbhaiGroup has maintained a responsive yet level-headed attitude towards the society and itsconstituting individuals to create a corporate culture that fosters excellence.Working in this direction we have created a learning environment that nurtures individualtalent and intellect. It provides a platform that challenges the individual capabilities urginghim to constantly strive forward towards greater heights using development as thefundamental tool.We infuse in individuals a spirit of entrepreneurship which gives courage and conviction topursue set goals towards logical achievement and a global mindset that transcendsgeographical and cultural boundaries evolving and organizing him to be a world leader. Allthis is manifest in an environment fostering innovation and leadership.Drawing from our Team based structure we encourage individuals to mesh up into crosscultural teams in all operational processes. This process provides opportunities forindividuals to match their capabilities with organizational expectations creating amechanism for updating the system.Coalescing corporate needs with the individual needs is crucial. These processes wouldarticulate the connections between corporate success and individual behaviour, instillinstitutionalized processes to reinforce connections, and catalyze the chemistry that allowsthe connections to be translated into action which is beneficial for both the organization andthe individual.A strong sense of ownership and commitment towards the organization and the business asa whole, is the basic premise of all our actions. We manage our institution as a trust, asempowered leaders and do all that needs to be done ethically for the purpose of theinstitution. We create a vibrant institution for the future of this nation and the world at large.We strive forward to be the best.Best is a matter of standards - and we set our own standards. We inherit nothing. We standat the end of no tradition. We may perhaps, stand at the beginning of one...

GROUP OVERVIEWS The Lalbhai group, founded by the 3 Lalbhai brothers - Kasturbhai, Narottambhai andChimanbhai - in 1908, has grown to become one of India's most diversified business houses,

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with a significant presence in the textiles , ready-to-wear , chemicals and telecom industriesin India.Each company in the group, in its own way, pursues a single mission - to be the benchmarkin its' industry. To achieve this, we have tied-up with a variety of companies ... all worldleaders in their respective fields.

LALBHAI GROUP COMPANIESTEXTILES

THE ARVIND MILLS LTD.ARVIND PRODUCTS LTD.

GARMENTSARVIND CLOTHING LTD.ARVIND FASHIONS LTD.

CHEMICALSANIL STARCH PRODUCTS LTD.

ATUL LTD.TELECOM

ARVIND TELECOMOTHERS

LALBHAI REALTY LTD.

ANUP ENGINEERING LTD.TIED UPIndustry Company Collaborator

Chemicals Amol Dicalite Limited Grefco Inc., USAChemicals Anil Starch Products Limited CPC International Inc., USAGarments Arvind Clothing Limited Cluett International, USAGarments Arvind Fashions Limited V.F. Corporation, USATelecom Arvind Telecom E.F. Johnson, France Telecom, FranceTextiles The Arvind Mills Limited Alamac Knits Fabrics Inc., USA

The Arvind Mills Limited

The flagship company of the Lalbhai group manufactures and exportsdenim (over 150 varieties) and shirting. Through its subsidiaries, it alsomanufactures and markets Arrow shirts and Flying Machine , Lee , Newport and Ruf and Tuf casual-wear for the domestic market. The company has atie-up with Alamac Knits Fabrics Inc., USA, to manufacture knits.

Arvind Products Limited

Arvind Polycot Limited

This company, formerly known as Saraspur Mills Ltd, was on the verge of liquidation following the textile industry recession during the late 1980s.In 1990, Arvind took it over, gave it a new name and a revamped product

line and turned it around. The Ahmedabad-based unit makes cotton andblended fabrics for the Indian, as well as, export markets. The company isin the process of setting up a facility to manufacture bottom weightfabrics. Arvind Polycot is an associate company of The Arvind MillsLimited.













Arvind Intex Limited

Ahmedabad-based Arvind Intex was a sick unit - The Nagri Mills Ltd - thatArvind took over in 1991-92, and rehabilitated since. The companyproduces cotton yarn for the Indian and international markets, andrecently commissioned a completely modernized spinning unit to producering spun yarn for the Indian market. Arvind Intex is an associatecompany of The Arvind Mills Limited.

Arvind Cotspin Limited

Arvind Cotspin, located in Kolhapur, Maharahtra, is one of India's largest100% export-oriented spinning mills. The company manufactures 100%cotton yarn and double yarn in a wide range of counts and varieties. Itintends to expand into gabardines. Arvind Cotspin is an associatecompany of The Arvind Mills Limited.

Arvind Clothing LimitedArvind Clothing, an ISO 9002 company, is a collaboration between TheArvind Mills Limited and Cluett International Ltd. (USA). The companymanufactures and markets the well-known " Arrow " brand of shirts,currently a market leader in the premium shirts category in India. ArvindClothing is a wholly-owned subsidiary of The Arvind Mills Limited.

Arvind Fashions Limited

Arvind Fashions is a tie-up between Arvind Mills and VF Corporation (USA). The company manufactures and markets " Lee " jeans and accessories in

India. Arvind Fashions Limited is a wholly-owned subsidiary of The ArvindMills Limited.

Anil Starch Products Limited

Anil Starch Products is a leading manufacturer of maize and modifiedstarches and other starch based chemicals and intermediates to cater tothe needs of the textile, pharmaceutical, chemical, paper and otherindustries in India. Its' product line also includes white and yellowdextrins, liquid glucose (corn syrup), dextrose monohydrate, anhydrousdextrose, gluconates, sorbitol, enzymes, sulfuric acid, activated carbon,pharmaceuticals, and fertilizers. Anil Starch Products has a collaborationwith C.P.C. International Ltd, USA.

Atul Limited

The Rs 600 crore Atul Ltd., set up in 1947, is one of Asia's largest andgreenest chemical complexes. The company has grown to become India'slargest dyestuffs manufacturer, making and marketing over 250 varietiesof chemicals and intermediates, from basic commodity chemicals to







specialty intermediates required for the agrochemical, defense, dyestuff,leather, paper, pharmaceutical and textile industries. Atul exports to morethan 50 countries.

Arvind Telecom

Arvind Telecom manufactures C-DoT based RAX's. The company has tiedup with E. F. Johnson (USA), Comdial (USA) and France Telecom to offervalue-added telecom services, and is ideally poised to capitalize on theliberalization of India's telecom sector. Arvind Telecom is a division of TheArvind Mills Limited.

Anup Engineering Limited.

Anup Engineering manufactures equipment for the chemical,petrochemical, pharmaceutical, fertilizer, dairy and allied industries. Thecompany is on the lookout for collaborations with international leaders, to

strengthen its' technological base, and will welcome business inquiries inthis regard. Anup Engineering is an associate company of The Arvind MillsLimited.

Lalbhai Realty Limited

Lalbhai Realty is Arvind's foray into the India's booming real estatebusiness. The company intends to capitalize on the demand for housingand real estate in India, by setting up state-of-the-art office andresidential complexes. Projects are already underway in Mumbai, Delhi,Bangalore and Ahmedabad. Lalbhai Realty is an associate company of TheArvind Mills Limited.

HISTORY ACCOMPLISHING CHANGE :

ARVIND'S EXPERIENCE

Sanjay LalbhaiREVIEW of STRATEGY & NEED TO CHANGEPOWER - LOOMS THE NEW ENTRANTSSUPPLIERS to THE INDUSTRY FORCES RANGED AGAINST THE COMPOSITE MILLSOBJECTIVES of NEW STRATEGY

FEASIBILITY of NEW STRATEGY AND IDENTIFYING NEWPRODUCT GROUPSNEW STRATEGY STRUCTURE, SYSTEM & SKILLSACCOMPLISHMENT of NEW STRATEGY PLANSCONCLUDING REMARKS



At the close of the Year 1986, Arvind decided to change. Weconcluded that Arvind must change its strategy, structure,

systems and infuse new skills in the organization. In our view, Arvind's experience attaining change would be of interest toa wider audience. We believe that many people would like toknow about the events that triggered the decision to change,

and the process that we followed to cause the change. We are,therefore taking the opportunity of sharing Arvind's experiencesof effecting change.

Towards the close of 1986, the chairman of the company, Arvind Lalbhai, and I decided to undertake a major review of

the company's strategic posture. In that year, Arvind Millsearned the highest profit in its history of fifty-five years.

Arvindbhai and I came to the conclusion that now was thetime to change the strategy if there was a need to do so.

REVIEW of STRATEGY & NEED TO CHANGE

In reviewing our strategy, following Michael Porter, we decided toexamine the forces that shape the industry structure. These forcescomprise the new entrants, the power of the suppliers, the emergenceof substitutes, the power of customers and the rivalry among the firmsin the industry.

The government policies influence these five forces and indirectlyshape the industry structure.

As we began to examine the Indian textile industry through the lens of the theory developed by Michael Porter, some disturbing features of the industry began to emerge. Our discomfort stemmed from ouranalysis that the five forces were ranged against the composite mills.In addition, the government policies were tilting the balance of the fiveforces against the composite(Mills, Which under one roof spinyarn,weave fabrics and chemically process the woven fabrics areknown as composite mills.)to mills.To support this assertion, let mesummarize the salient features of our analysis.

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POWER - LOOMS THE NEW ENTRANTS

Government of India has encouraged the power-looms ever since Indiabecame a sovereign nation.These small units, which operate in theunorganized sector, only weave fabrics. The prolonged strike by theworkers in Bombay's textile industry, in 1981, helped the emergenceof the power-loom sector. No barriers to entry in the industry or exitfrom the industry are the major competitive advantages of this sector.

The power-looms, in 1986, were the new entrants.



Composite mills, in 1986, faced both the entry and the exit barriers. These mills could not expand capacities because of the licensingpolicies prevailing in 1986. Similarly the composite mills could notdivest the unviable activities even if they wanted to do so. The newtextile policy of 1985 promised to lift the exit barrier. We were almostcertain that this part of the policy, could not, and would not be carriedout. Emergence of the power-loom sector posed a serious threat to ourwell being. This was so because the power-looms could easily copymost of the products in our product portfolio.

We had to keep in view, though still distant on the horizon, a potentialnew entrant, namely the overseas exporter. It was becomingincreasingly clear that the Government of India could not isolateindefinitely, the Indian economy from the global economy. Thispotential new entrant was also a matter of great concern to us.

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SUPPLIERS to THE INDUSTRY

Important suppliers to the industry include farmers, large chemicalcompanies, State Electricity Boards, Coal India and the labour unions.Farmers supply, to the industry, cotton an important raw material usedby the industry. In a composite mill, the cost of use will be about 40%of the fabric sales. Large chemical companies supply synthetic fibresand synthetic yarn, another important raw material used by theindustry. State Electricity Boards supply electricity, an important inputin the production processes of the mills. Similarly Coal India suppliescoal another important input to the industry. Finally the labour unionscontrol the work force employed in the mills. Beyond any doubt, allthese suppliers are powerful groups and can influence the governmentpolicies to their advantage.

The 1985 textile policy promised to supply, at prices near theinternational prices, all the inputs used by the industry We came to theconclusion that the Government of India couldn't carry out this parr of

the policy. The pressure from the domestic suppliers of these inputswill prevent the government from doing so. Prices of cotton, weargued, would continue to rise. Reason leading to this conclusion wasthat, virtually no imports would be allowed during the years whencotton is scarce. Similarly Government of India would allow exportsduring the years in which there would be Excess supply of cotton.Import duties on synthetic fibres and yarn, according to our analysis,would remain high, to "protect" the domestic industry.The dearness



allowance, which forms a sizable portion of the wages, in our judgement, would continue to rise because of inflation. Also, areduction of the labour force, through increased productivity, wereasoned, would be virtually impossible.

Research highlighted the fact that the household sector, the majorcustomers of the industry, wanted better quality of fabrics. Experienceshowed that the government of India, viewed better quality of fabricsas fabrics for "elitist consumption". Government of India, we argued,will tax these fabrics heavily. The elite in the society, after all, mustpay for the government expenditure.

The high incidence of taxes would have an adverse impact on thecomposite mills in two ways. First, the consumers would buy betterquality of fabrics but would restrict their purchases because of the lackof purchasing power. Second, small units will gain a competitive edgeover the mills through the evasion of taxes. As the Abid Hussaincommittee, was to confirm later, the small units in the unorganizedsector, would evade these taxes on a large scale.

Textile policy formulated by the government in 1985, proposed tomake available the latest technologies to the industry, at prices closeto the international prices. We concluded that the government wouldnot carry out this policy. Import duties being a very important sourceof revenue to the government, and the government will not allow anydecline in revenue from this source. Similarly the Government waskeen on discouraging imports. To accomplish both these objectives,the government would continue to overvalue the Indian currency andimpose high import duties to discourage imports not stopped by nontariff barriers.

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FORCES RANGED AGAINST THE COMPOSITE MILLS

In short. all the forces were ranged against the composite mills. Thenew entrants and the trade channels would exert pressure on prices.Suppliers, because of their power, would continue to raise prices of thegoods and services they supplied to the composite mills. It was clear ascrystal that the costs of the composite mills would rise unabated. Inaddition, the Government of India and many State governments eitherowned or managed loss making composite mills. Central and the Staregovernments financed the operations of these loss making firms fromthe government resources. It is even customary today, in governmentcircles, to say that the National Textile Corporation is the bestemployment guarantee sheme available in the nation. Rivalry among



the existing compositemills, we argued will take the form of price wars and competition forproviding better and better "incentives" to the trade channels.

As we completed our analysis and examined the grim scenario, wecame to the conclusion that we must change our strategy and changequickly.

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OBJECTIVES of NEW STRATEGY

We reasoned that the new strategy must allow us to achieve twoobjectives. First, it must help in protecting the company's fortunes byneutralizing the adverse impact of the five forces. Second it must put

the company in a position from which, the company can alter thebalance of the five forces in its favour. To achieve this purpose, weexamined the demand structure of the industry and the governmentpolicy.

In the demand structure, we stopped some promising trends. Thesewere :

The household sector, as stated earlier, was buying better quality of fabrics but curtailing quantities of purchases.

The domestic readymade garments industry was growing rapidly andsupplying products to both international and Indian markets.

The International trade in yarn, fabrics, and clothing was large,growing and shifting in favour of the developing countries.

Most of the government policies, as we have pointed out earlier, werenot in favour of the composite mills. The government policies wereextremely favourable towards all firms that were large exporters. Tiltof the government policies towards exporters stemmed from thechronic problems faced by the nation in managing its balance of

payment.Considering the trends in the demand and the favourable policies of the government for large exporters, it was clear to us that we mustredesign our product portfolio. We must design, we concluded, ourproduct portfolio so that we can export most of our production to avoidcompetition from the power-looms. This, we concluded, must be theessence of our new strategy.



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FEASIBILITY of NEW STRATEGY AND IDENTIFYING NEWPRODUCT GROUPS

In giving this strategy a concrete shape, we had to answer twoquestions. Does the Indian textile industry have any competitiveadvantages ? This was the first question that we had to answer. Inwhich product groups we should compete ? This was the secondquestion that we needed to answer.

Conventional wisdom told us that the Indian firms in the textileindustry are not globally competitive. We decided to examine thisquestion afresh. We began to examine the competitive advantages of the Indian textile industry, using the frame work developed by Michael

Porter. Our analysis showed that the Indian textile industry has sixintrinsic advantages. The six advantages are :

Emergence of sophisticated Indian buyers who demand products of world standards.

Emergence of an Indian garment industry that is a discerning buyers of fabric.

Existence of world class textile training and textile research institutionsin India.

Availability of highly trained, experienced and skilled textiletechnologists in India.

Availability of cottons suitable for spinning a wide range of yarns and

Existence of a well-developed capital market in India allowing Indianfirms to marshal risk capital for long term investments.

These intrinsic advantages that the Indian nation offers to its firms,convinced us that Indian textile firms can compete in global markets.Pin pointing of these advantages also helped us in identifying theproduct groups in which we should compete. With these advantages,we argued, we must compete in product groups with high entrybarriers. A product group will have high entry barriers for severalreasons. One reason for the high entry barriers, is that, the firmswanting to manufacture the products in the product group, need tomaster difficult technologies. Another reason for the high entry barrierscould be that firms have to make high capital investment tomanufacture and market the products in the product group. Yet



another reason for the high entry barriers is that firms must establishtheir credentials with their buyers before they can market the productsin the product group.

We identified two product groups with high entry barriers and withlarge markets for the products within the product groups. The firstproduct group was indigo dyed blue denim comprising denim fabricspredominantly used in producing jeans for men and women. High valuecotton shirting used for making men's shirts and for producingwomen's outer wear garments was the second product group weidentified. Indigo dyed denim, though a standard product, is extremelydifficult to manufacture. Several factors contribute to the difficulties inmanufacturing of denim. Difficulties involved in dyeing the yarn in theindigo dye, is one of them. Spinning yarn with a high degree of uniformity is another factor contributing to the difficulties inmanufacturing. Finally difficulties involved in the weaving of "heavydenim" (We can get an idea about the heaviness of the denim fabric bycomparing the weight of the fabrics used for making trousers and theweight of denim fabrics used for making jeans. The weight of thefabrics used for making trousers varies between 255 grams per squaremeter to 300 grams per square meter. Weight of the denim fabricsvaries 430 grams per square meter510 grams per square meter.) are another set of factors adding to thedifficulties in the manufacturing process. Because of these difficultiesin the manufacturing of the product, the manufacturing process iscapital intensive. According to a thumb rule prevalent in the industry, afirm needs to invest about four US dollars for every meter of the fabricit wants to produce annually. Thus, for setting up a plant with acapacity to produce nine million meters of denim per annum, it will benecessary to invest thirty-six million US dollars. In Indian currency, thisinvestment will be the equivalent of about one billion Rupees (Ahundred crore Rupees). In 1986, industry sources placed the globaldemand for denim fabrics to be 1,600 million meter per annum,approximately. Denim was not produced in India in 1986 when wewere planning our strategy. We judged that this product had a largelatent demand in India. In case of high value cotton shirting, a similarsituation prevailed. We do not report the details for want of space.

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NEW STRATEGY

At the close of the year 1986, we decided to include in our productportfolio, the two product groups comprising blue indigo dyed denimand high value cottonshirting. In April 1987 we commissioned our first



denim plan producing denim fabrics at the rate of about four millionmeter per annum. We started producing high value cotton shirting atthe end of the year 1987.Simultaneously we started divesting theproduct groups that the power-looms could easily manufacture.

The six competitive advantages of the Indian textile firms we listedearlier, helped us to compete in the global markets for the productgroups we identified. Technical skills available with Arvind, enabled thecompany to assimilate quickly the difficult technologies deployed inthe manufacture of denim. As we gained experience, the company'stechnical staff, in collaboration with the leading textile machinerymanufacturers, made revolutionary changes in the weaving of heavydenims. These changes enabled the company to lower the capital costconsiderably. Lower capital cost gave the company a major advantagein competing with the giants in the industry.

The demand for denim fabrics, from the domestic garment industrywas extremely good. This gave us a market for our denim fabrics whilewe were establishing our credentials with the overseas garmentproducers. In the initial stages, the Industrial Credit and InvestmentCorporation of India,gave the financial support and the encouragementto set up the denim plant. It is this support and encouragement thatmade it possible for us to enter the denim market.

Soon after getting a foothold in the new product groups, we made fourstrategic moves. First we began to divest from the product groups inwhich we were not globally competitive. Reduction of the debtcomponent in our capital structure was the second strategic move wemade. This move was made to reduce the financial risks the companywas exposed to when it was making a radical change in its productportfolio and absorbing newer technologies. Besides, we intended thismove to build the company's debt capacity for mobilizing funds at anappropriate time. The third strategic move we made was to set upwholly owned subsidiaries in selected parts of the globe for marketingthe company's products. Finally the fourth strategic move was to setup manufacturing plants in different parts of the world. Because of these strategic moves, the company is steadily getting thecharacteristics of a global company.

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STRUCTURE, SYSTEM & SKILLS

Arvind Mills is now focusing its attention on a few selected productgroups. Such a focus is necessary to prepare the company for playing



a dominant role in the global markets for these product groups. Forgiving a concrete shape to this strategy, it is necessary to makeappropriate changes in the company's structure, systems and skills.

The company made most of these changes during the year 1994-95.

Arvind has now adopted an organizational structure called the"Strategic Business Unit structure" Under this structure, a companygroups under one business unit, distinct product groups compriseproduct groups targeted for distinct market segments and usingdistinctive technologies in the manufacturing process. A company putseach business unit under the command of a different person. Theperson heading a business unit is responsible for the effective andefficient operation of the unit. This pattern of organization allows thecompany to concentrate its energies on all the important business.

All the systems used in the company, to get things done, also neededchange to keep pace with the changes in strategy and structure. Thesesystems comprise performance appraisal and counseling systems,compensation systems, other planning and monitoring systems. Wehave thoroughly revamped all these systems to meet the neworganizational demands.

Structures and systems by themselves are not adequate to give effectto the chosen strategy. The organization must have appropriate skills.

The tasks demanded in the new structure require new skills. Similarlyto operate the new systems effectively and efficiently the organizationrequires new skills. During the year 1994-95, Arvind's top managementspent a great deal of time and energy on developing the requiredskills. The thrust on development of organizational skills, it is needlessto add, will continue relentlessly.

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ACCOMPLISHMENT of NEW STRATEGY

Our chosen strategy accomplished its purpose. Primarily, weeliminated the threat from the power-looms. Because of the entrybarriers we highlighted earlier, power- looms could not compete in theproduct groups we had chosen. By concentrating on the garmentproducers, the discerning buyers, we neutralized the power that thetrade channels were exercising over us. The strategy to export bulk of our production, gave us the flexibility to import cotton under theadvance license scheme. As a result we could insure ourselves againstthe threat of an abnormal price increase in the domestic cottonmarket. Similarly the strategy to Export, allowed us to import the



"state of the art" machinery either without any import duty or bypaying import duty at reduced rates.

We carried out our strategy just in time. In 1987, the grim scenario ouranalysis had suggested,did materialize. Arvind's profit reached its nadirin that year. The company earned, in that year,a net profit of Rupees7.8 millions and the sales of the company amounted to Rupees 1.13billion. In the year 1987, the company's exports were negligible. From1 January 1995, the Government of India has allowed imports of yarn,fabrics and garments in the Indian markets, though the tariff barriersare still high. Indian Government is committed to lower these barriersprogressively. Indian textile industry will now be facing the "economicearthquake" described by Time Magazine. The 13 March 1995 issue of

Time magazine aptly describes the global economic upheaval takingplace around the globe. I will quote this excellent description.

" As the millennium approaches, an economic earthquake is shakingthe globe, producing an upheaval comparable to the IndustrialRevolution that gave birth to the manufacturing age. The only certainty perhaps, is the size and speed of change. The globalizeeconomy is one of 24-hour financial markets, huge split- second flowsof international funds and intense competition as companies roam theworldfor capital, labor, technology raw materials and markets. Moreflexible production techniques are allowing giant global corporations tolocate their activities wherever it is economically advantageous".

Because of a radical change we made in Arvind's strategy, Arvind can

now confidently face this earthquake. Arvind's product portfolio nowcomprises product groups in which the company is globallycompetitive. Judged by the financial yardsticks, the company is strong.It is profitable, has a net worth of Rupees ten billion and the debtcomponent in the capital structure is negligible. For the readers toappreciate the effectiveness of the strategy we put in place, I wouldlike to provide some data concerning the results we accomplished.

In the year 1994-95, the company was producing denim at the rate of sixty-five million meters per annum. And ranked as the fifth largestdenim producer in the world. We are all proud of the results we

achieved in a short span of seven years. In 1987 we could not competein the global markets and the value of our exports was negligible.Seven years later, about 40% of our total sales and business incomeearned is from fabric exports. Within a span of seven years, we haveincreased the denim manufacturing capacity from four million metersto sixty-five million metes per annum. Starting from scratch we have,within seven years, become the fifth largest denim producer in theworld. During the financial year 1994- 95, Arvind's sales and other



business income were 5.42 billion Rupees. Net profits of the companyduring the year were 1.01 billion Rupees. During thesame year, the revenue the company earned, from the exports of denim fabrics and high value cotton shirting, was about 2.11 billionRupees. The net worth of the company, computed at market prices,increased about one hundred and five times within seven years. On 31March 1988 the net worth of the company, computed at market priceswas one hundred and twenty six million Rupees. Computed on thesame basis, the company's net worth on 31 March 1995 was aboutthirteen and a half billion Rupees. In other words, during the seven-year period, the compound growth rates in the company's net worthwas 95% per annum.

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PLANS

Forming strategic alliances with world leaders in the field, forcompeting globally, is the strategy that we will pursue vigorously in thefuture. Strategic alliances, as Michael Porter points out, are long-termarrangements between firms that go beyond normal markettransactions but fall short of a merger. Strategic alliances areprominent tools in carrying out global strategies. Arvind will formstrategic alliances with world leaders for competing globally in productgroups comprising Swiss voile, Knitted fabrics, and High value cottonshirting. In addition, the company will also compete in the globalmarkets for spun-yam and garments.

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CONCLUDING REMARKS

Creating leaders of tomorrow is one of our major concerns. An eminentIndian jurist had said "First leaders create institutions and theninstitutions create leaders". How to begin this pious circle -in theorganization, is the concern of Arvind's top management. In thisendeavor, all of us in charge of corporate governance, are trying toimbibe the message given in the last verse of the Bhagavad Gita. Themessage is, "Unite vision (Yoga) with energy (Dhanu) without allowingthe former to degenerate into madness and the latter into savagery.High thought and just action must ever be the aim of man."

OVERVIEWSTo target Corporate barons, We used an ancient weapon….



For well over a century now, one brand of clothing has lent us a touch of understatedelegance to boardroom battles and power lunches the world over. Arrow. "America'sshirtmaker since 1851" has by now come to be ranked among the better perks the corporatelifestyle affords.Arvind introduced India's movers and shakers to Arrow in 1993. We set up a 100%subsidiary to manufacture and market Arrow shirts locally. Exclusive outlets were opened inkeeping with the brand's image.Positioned as top-of -the-line businesswear, Arrow quickly found a loyal following and iscurrently worth Rs. 45 crores.Arrow is just one of the instances where we brought an international brand down to Indiaand created a market for it locally. Lee is another. Also, Our homegrown brands which wecreated by identifying and targeting markets that nobody else had looked at till then.All of which only goes to show that the best way to expand market share is to expand themarket.

Lee | Arrow | New Port | Flying Machine | Excalibur | Ruggers | Ruf & Tuf

OVERVIEWS

The Jeans that built America are now building market share forus!

In India, till a while ago, Lee used to be the brand of choice of those with kind uncles abroad.And much in demand among patrons of the neighborhood smuggler.



















Now it's at the neighborhood store. Thanks to Arvind.We brought it down to India, positioned it at the upper end of the market. And put ourmarketing skills behind its formidable reputation. The payoff: Lee is now as big in India as itis worldwide.Lee is just one instance where we translated an international brand by creating a localmarket for it. Its the only brand in India to offer in-seam lengths in each waist-size in order

to give consumer the 'Perfect Fit'. The Lee merchandise is the most comprehensive one-denim and gaberdine jeans, jackets, overalls, shorts, denim shirts, twill shirts, basic T-shirts,Pique polos, skirts, carpenter pants and accessories-belts, bags and caps. Lee also marketsSandblasted jeans, stretch denim, dark denims, Tencel denimwear, Corduroys, wide range of checks shirts and Pique Knit-shirts. We continue to innovate regularly, offering newerwashes and colours in both denim jeans and cotton pants along with excellent qualityproducts in tops and accessories.Lee was the first to introduce in India 100% Wrinkle-Free 100% Cotton Pants in mid-1997. Itoffers a range of 8 colours in a Relaxed Fit and the response has been overwhelming. Leehas a separate Wrinkle-free range of pants for men and women.

LEE YOUTH We recently introduced the international range of Lee Youth, targeted at the 4-14 years agesegment. The youthwear range consists of jeans, overalls, shorts, skirts and T-shirts,complimented by a range of fine accessories such as caps, belts, socks and bags. The fabric,fit and finish - hallmarks of $5billion VF Corporation's brand Lee have been carefully selectedto offer maximum value to the consumer. Jeans are available at Rs.595, bib-overalls anddenim jackets at Rs.695, shirts Rs.395 and T-shirts Rs.195. The fabric used are all 100percent cotton-denim, twills, gaberdines, corduroy, yarn-dyed oxfords and knits. The brandis being marketed through 40 exclusive Lee Stores in 20 cities across the country.


OVERVIEWSRock star apparel is now available for a song…

There was a time when jeans used to cost big money. Which was strange, considering thatmost of them were aimed at teenagers. Who are forever broke.

That was before we came along with Newport, our value for money brand which delivered onthe promise of "good jeans for less". It was the first pair of jeans that a youngster could buywith his own pocket money. Naturally it found a whole lot of fans among those who werelooking for maximum mileage from their cash. And ended up capturing a hefty chunk of themarket.

Today, Newport is by far, the largest selling jeans brand in India. The quality of the jeans hasbeen consistently good, both in terms of 14.5oz. Arvind denim as well as the embellishmentsrequired for stitching the jeans. The customer believes that he truly gets the value formoney at this quality and price.Newport is available in a Regular fit, which has satisfied millions of customers in India overthe last two years. It was initially launched in three blue washes and black. Today, we haveadded 25 colours to the range (The OPTIONS range which are now available at an attractiveprice of 449). It is simplicity of the concept which has appealed to a large base of massconsumers who are price-conscious. The highly attractive price of Rs. 399/- has made it veryaccessible to many consumers who would like to buy into the core values of jeans wearers.Newport has increased its range of jeanswear to include overdyed jeans, gaberdine jeans,knitwear, woven shirts and socks, thus making Newport a lifestyle brand in the economysegment.


OVERVIEWSThe story of how a megabrand got off the ground…





































Back in the mid-80s, "Indian jeans" was something of a contradiction in terms. Shoddyimitations and small-time regional brands ruled a tiny market.Which was when we stepped in with Flying Machine, the first Indian brand that measured upto international standards, and also one of the few that had a national presence.Flying Machine went on to become the number one brand in the country, in the process kick-starting the dormant market to life.

The recently revamped range offers a fit to suit every need in a variety of fabrics andcolours. Denim and gaberdine jeans; Regular, Comfort, Relaxed and Slim fits for Men;Regular, Slim and Tight fits for Women; jackets; T-shirts; shirts; overdyes; coordinated knitsand attractive accessories like belts, bags and socks…. Is contemporary with internationallystyled features.

Till early 1997, Flying Machine was marketed through 700 multi-brand outlets. However, ourexperience with other brands built conviction that a paradigm shift in distribution from multi-

brand outlets to Flying Machine exclusive terminals was absolutely necessary if we were togrow with a full range of jeanswear as well as Casual wear. Beginning 1997, the brand isbeing marketed only through 40 exclusive Flying Machine terminals. last year.


OVERVIEWSA Personal Invitation to the young determined winners to drop

by…..Few things fit the demanding lifestyle of those who live in the fast lane.So we came up with a wardrobe brand targeted at upwardly mobile executives includingproducts such as shirts, trousers, blazers, ties, socks and belts in EASY CARE blends, all cutto the latest international styles and to the exacting international standards.Made from EASY CARE blends, EXCALIBUR shirts and trousers are highly Crease-Resistantand retain their flawless shape for hours on end to give a 'fresh' look through out the day.

This provides the wearer with a winning edge.Excalibur is competitively priced. The shirts have a range of Solid colours in pastel and darkhues, Yarn dyed stripes and Checks and Micro-checks. The Trousers are offered in a paletteof colours in both "Matte-weave' as well as 'Oxfords' and complemented by a range of 'Twills' in attractive colours. There is also an attractive range of Jacquard Ties, Belts andsocks. It has also introduced a range of quality knitwear at an attractive price of Rs.445onwards.Excalibur EASY CARE is available only through a chain of 40 exclusive stores across thecountry. All stores have a very contemporary look and offers an extremely pleasurableshopping ambience.

There are currently no worthwhile wardrobe brand in the mid price segment in India. This

market has a good potential and plans are being worked out to exploit the full potential of this segment. Launch of innovative products like Wrinkle Free Cotton Shirts and wrinkle FreeCotton Trousers have been planned during the current financial year.


OVERVIEWSDrop all Formalities

Be Casual



































A golden opportunity to all the youngsters to get into Polo t-shirts, cotton trousers, twills,bermudas, belts and everything casual.. We have created Ruggers in order to offer theconsumers a unique Casual wear product which will compliment the Jeanswear range inexclusive Flying Machine stores.

The Ruggers product range for Men and Women is wide in strikingly casual designs andcolours. The range for women is the finest with a tremendous content of creativity in both

styles and colours.Ruggers is currently marketed through 50 exclusive stores of the Flying Machine. Ruggersfor kids in the age group of 4-14 years is also available now. The Ruggers' for kids rangeconsists of Jeans, shorts bib-overalls, knitwear, woven shirts and related accessories. Theaddition of the kids' range has made it even more appealing and offers the Indianconsumers a complete range in Men, Women and Kids.


OVERVIEWSThanks to our success you can't tell the cowboys from the

Indians!

All over India, people who use to lounge around in lungies have been offered an opportunityto roam around in jeans ( Just like all those cowboys out west ).

Thanks to our brand Ruf & Tuf , which has probably the worlds first ever brand…..ready-to-stitch jeans.With Ruf & Tuf, ready-to-stitch, we unearthed a whole market: millions of people all over thecountry who, till then had to make do with imitations because they could not afford the realthing.…We gave them quality, the perfect fit and a brand they could relate to. All at the rightprice. And we went about it systematically, right down to organizing orienting tailors nationwide to rope them into the marketing process.


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OUR FABRICSShirtingsArvind was already making shirting for the Indian market. In 1990, we decided to focus onhigh value shirting, so that we could expand our markets beyond India's borders.As a part of our commitment to being a value-adding partner to each of ourcustomers, Arvind Shirtings have invested US $ 100 million in Santej. This plant hasan annual capacity of 34 million meters of 100% cotton woven. The new plant offers acomprehensive portfolio in 100% cotton fabric which includes Classical Colour Woven,Solids, Indigo Yarn-dyed, Coarse count Cottons, Yarn-Dyed Stripes, Checks, Fil-a-fils andChambrays. The weaves are Plain, Twill, Oxford and Dobby, with counts including 20s, 24s,30s, 40s, 50s, 2/30s, 2/50s, 2/80s, 2/100s. The finish is natural and easy to iron.Over and above our range of standard products, we also produce counts ranging from 16s to2/140s. A variety of fancy weaves, dobbys and seer suckers are complemented by additionalfinishes in peach, sanded and bio-airoflex. An exclusive indigo plant with a five million metercapacity produces unique, high-value, finer counts in indigo and multi-colored, sulphur yarn-dyeds.Arvind's philosophy in manufacturing is 'Excellence in Quality and Flexibility inProduction' . This is reflected in the state-of-the-art plant which houses the besttechnologies of the fabric manufacturing world, such as European & Japanese ContinuousProcess Machines, Two-for-one twisters & precision winders for spinning, Autodosing of dyesand chemical with precision controls yarn dyeing, Staublis for Automatic Drawing in, fastspeed Picanol Airjets and Rapier Looms, Benninger Continuous Bleaching and Dyeing Range,Biancalani for Surface Finishing and Fully equipped Quality Assurance Laboratory.

Design is a key element of operations at Arvind Shirtings. We now have a sophisticated CADdesigning software link up and talented designers. This allows Arvind's design studio toprovide clients with inputs rights from the pre-concept stage onwards. It also helps us toprovide clients with customized collections (apart from our regular seasonal collections).In the entire process of operations, eco-friendliness is critically monitored and ensured. Theplant is also configured to handle small order sizes as well as very long order lengths withconsistent quality.

OUR FABRICSDenim

In 1986, we looked for textiles that had global demand, high margins, high entrylevel barriers (either of technology, expertise or set-up costs), and, veryimportantly, low "fashion volatility". We wanted to focus on fabric that would nevergo out of style. Our analysis of potential products threw up denim as the answer.When we started making denim, we set ourselves three objectives:(a) Become the market leader in India(b) Join the ranks of the biggest denim manufacturers in the world interms of volume and product range(c) Become the largest denim manufacturer in the world

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We've achieved the first and second goals, and expect to touch the third by the turnof the century.With a production capacity of 120 million meter per annum, we are currently India'slargest and the world's third largest producer of denim, as the following figures willshow:

The world's top denim manufacturers

Cone Mills 200 million meter per annumSwift Textiles USA 138 million meter per annum* Arvind Mills India 120 million meter per annumBurlington USA 118 million meter per annumSantista/Alpargatas Brazil 107 million meter per annumSource: Inhouse Research* Includes 10 mn meter produced at our subsidiary at Mauritius .We manufacture denim at our state-of-the-art mills in India (110 mmpa) andMauritius (10mmpa).Our latest Morrison Rope dyeing range corroborates our technology leadership indenim manufacturing.We make over 150 varieties of specialty denim - stretch, colored, faded, streaked,mercerized, striped, checked, ring, brushed, soft, speedwash, silver streak andoverdyed. From small pieces to large 300 meter rolls, from 4.0 oz to 16.0 oz, frompink and purple, to good old classic, ever-popular indigo blue 14 1/2 oz. open end -we can offer you denim in just about any colour, weight, weave and wash.We sell under the brand names "Arvind Denim" and "Big Mill Denim" (only inEurope).In India, we command a market share of approximately 64% - 5 times that of thenext largest player. Our denim is used to make India's leading jeans brands - FlyingMachine, Killer, Levi's, Numero Uno, Pepe, Texas Jeans, UFO and Wrangler. "Madefrom original Arvind denim" is used by all the leading local jeans manufacturers asan indicator of high quality and authenticity.We pioneered the extension of use of denim into non-traditional areas like Indianoutfits, corporate gift articles, upholstery and furnishings, stationery and evenbriefcases.We also export denim to over sixty-six countries worldwide. The US forms 31% of our export market, while the EC and Hong Kong constitute 20% and 24%respectively. Denim exports constitute approximately 50% of our turnover, andArvind Denim - which is sold as a brand and not a commodity - is used to makesome of the most desired jeans brands around the world - Brittania, C & A,Federated, Jordache, Lee, Lee Cooper, Limited, No Excuses, Pepe, Tillis Pavely andWrangler.Our denim is eco-friendly. And we convert our denim waste into "recycled denimpaper" that is used as stationery. In April 1995, we obtained the Eco-tex certificationwhich means that our denim is ecologically optimized based on audits which certifythat the product and the process conform to stringent standards and specifications.

This certification is awarded by the Germany-based Eco-tex Institute, which wasfounded in 1992 as a result of a growing awareness in the European Communityregarding eco-friendly textiles. We are the first denim mill in the world to getthis certification.

OUR FABRICSFlats

Arvind has recently set up a dedicated bottomweights plant as part of Arvind PolycotLimited.



This new addition to the Arvind Textile Complex brings the total investment in the complexupto Rs.12000 million.

The plant is an integrated facility that sources yarn from Arvind Mills at Ahmedabad. It hasboth weaving and processing infrastructure, captive power supply, steam generation and awaste water treatment plant. The latter makes it a zero discharge complex i.e. one thatrecycles all its waste water.

The Product The new plant manufactures 100% cotton piece dyed fabric with weights upwards of 6.0 oz.Product varieties include twills, drills, gaberdines, chinos, canvas, tussore, bedfordcord,herringbone and other specialty weaves.

The new bottomweights plant is perhaps the most modern vertically integrated plant of itskind in all aspects from spinning to finishing. The plant also houses a captive power supply,steam generation and waste water treatment plant. The latter makes it a zero dischargecomplex i.e. one that recycles all its waste water.A glimpse of the state-of-the-art-technology includes Tsudakoma airjet looms for weaving,Automatic regulation of flame intensity to ensure consistent & uniform singeing, PLCcontrolled accurately metered dosing of bleaching chemicals coupled with flexniptechnology, facility for Wet on Wet mercerization, Computerized sueding from a scale of mild to harsh, Monforts-Continuous dyeing through Pad Dry and Pad Steam, a special 10chamber stenter with automatic PLC control, MAHLO Weft Straightening unit and fullyequipped Quality Assurance Laboratory.In terms of customer service all this translates into faster, more accurate shade matching,shorter lead times, consistent product quality (especially with regard to shades, shrinkageand finishes), large widths-upto 63" for better yield on the cutting table and wider variety of products overall with respect to weaves, colour and finishes.

OUR FABRICSKnits

Today Arvind is making yet another foray- in the manufacture of the finest quality CottonKnits in the world. This new venture features a technical collaboration with Alamac Knits inc;USA, to manufacture high value and high-fashion knits. With an investment of US $ 50million, the plant will produce mercerized fabric in both tubular and open widths. Thecapacity is phenomenal: 16 tone per day of cotton knits, 11 tone per day of piece-dyedfabric and 5 tones per day of yarn-dyed fabric.Our product range aims to offer widest choice in both tubular and open widths in single(Jersey, Pique, Textures, Pointless, Fleece, French Terry, Jacquards in solids, feeds andautomatics) and double (Interlocks, Needle-outs, ottomans, Pointless, Textures, Reversible,

jacquards, Ribs in solids, feeds and automatics, Collars:Plains and Jacquards) knits. We willmanufacture a knits range from casuals to formal, active wear to sleepwear, for diverse usein men's, women's and children's clothing.With the most sophisticated technology used in the plant, Arvind Knits are perfect fromdesign to finish. Unmatched technology includes world class machinery such as FukuharaCircular Knitting machines, Shima-Seiki Computerized Flatbed Knitting Machines, Then-Comat Yarn Dyeing Machines, Sclavos Fabric Dyeing Machine, data Colour matching System,processing lab, Standardized Recipes and Process Cycles, Dornier Circular Singeing andMercerizing machine, Santex Fabric Finishing Machines, Tubetex Fabric Finishing machines,Open width and Tubular Finishing.All this is backed by a hi-tech design centre. The innovative design centre is networkedglobally with designers to create a corpus of the finest international designs. With acomputer-linked designing facility and an attached pilot mill- the designs created on screenare the designs you get on fabric, in a matter of hours. This means a quick turnaround timefor designs that are exclusive and world-class. Our large colour and fabric library, stocking



samples and a well-equipped fabric resource centre facilitates our customers to accessfabric that will enhance their capabilities. Moreover, all operations-spinning, knitting, dyeing,finishing-will be fully integrated to enable shorter lead times even for large orders and betterco-ordination of the process, from design to production

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