{{Short description|Indian Textile company based in Mumbai}} {{EngvarB|date=September 2013}} {{Use dmy dates|date=September 2024}} {{Infobox company | name = Welspun Living Limited | logo = Welspun Living.svg | former_name = Welspun India Limited | type = Public | traded_as = {{ubl|{{NSE|WELSPUNLIV}}|{{BSE|514162}}}} | industry = Textiles | founded = 1985 | founder = Balkrishan Goenka<ref>{{cite news |title=Welspun India: Out of the Woods |url=https://www.forbesindia.com/article/8th-anniversary-special/welspun-india-out-of-the-woods/46931/1 |access-date=7 July 2023 |work=Forbes India}}</ref> | key_people = {{ubl|Dipali Goenka (CEO and Joint MD)<ref>{{cite news |title=Welspun expects ₹1,700-cr revenue from retail biz by FY26 |url=https://www.thehindubusinessline.com/companies/welspun-expects-1700-cr-revenue-from-retail-biz-by-fy26/article66516832.ece |access-date=7 July 2023 |work=Business Line|location=Chennai |date=16 February 2023}}</ref>|Rajesh Mandawewala (MD)}} | revenue = {{increase}} {{INRConvert|9825|c}} (FY24)<ref name="fy24"/> | net_income = {{increase}} {{INRConvert|681|c}} (FY24)<ref name="fy24">{{cite news |title=Welspun Living Q4 net profit rises 16 percent to Rs 146 crore |url=https://in.fashionnetwork.com/news/Welspun-living-q4-net-profit-rises-16-percent-to-rs-146-crore,1627889.html |access-date=2 May 2024 |work=FashionNetwork.com}}</ref> | parent = Welspun Group | subsid = {{ubl|Welspun USA|Christy|Sorema}} | location_country = India | website = {{official website|www.welspunindia.com}} }}
'''Welspun Living Limited''', previously known as '''Welspun India Limited''',<ref>{{Cite web |last=Ksheerasagar |first=A. |date=2023-10-26 |title=Welspun Living shares rise 107% in seven months; is there more upside left? |url=https://www.livemint.com/market/stock-market-news/welspun-living-shares-rise-107-in-seven-months-is-there-more-upside-left-11698307455450.html |access-date=2024-02-06 |newspaper=Mint}}</ref> is an Indian textile manufacturing company headquartered in Mumbai.<ref>{{Cite web |title=Welspun India Ltd Analyst report |url=https://trendlyne-media-mumbai-new.s3.amazonaws.com/reportPDF/2022-01-01/52938-93fb1de98f15467bada89c316920fb0e.pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Credential=AKIAUABWFMACZWBGWY6M%2F20240127%2Fap-south-1%2Fs3%2Faws4_request&X-Amz-Date=20240127T134406Z&X-Amz-Expires=7200&X-Amz-SignedHeaders=host&X-Amz-Signature=745f844886144f247572a898d7b5c6107bc95ba631ad073ee4c0051b19c82287 |website=Sharekhan}}</ref> Founded by Balkrishan Goenka in 1985,<ref name=":2">{{Cite web |last=Gopalan |first=Krishna |title=From Vapi to Wimbledon |url=https://www.outlookbusiness.com/specials-34/the-power-of-i_2014/from-vapi-to-wimbledon-1261 |access-date=2024-02-06 |magazine=Outlook|location=New Delhi}}</ref> the company produces home textile products such as bed linen, terry towels, rugs, and yarn.<ref>{{Cite web |title=Welspun's BK Goenka: Spinning Solutions |url=https://www.forbesindia.com/article/india-rich-list-2015/welspuns-bk-goenka-spinning-solutions/41365/1 |access-date=2024-02-06 |website=Forbes India}}</ref> Welspun operates several brands, including Christy,<ref name=":12">{{Cite news |last=K |first=Muthukumar |date=2006-07-10 |title=Weaving new dreams |url=https://economictimes.indiatimes.com/weaving-new-dreams/articleshow/1719412.cms?from=mdr |access-date=2024-02-06 |work=The Economic Times |issn=0013-0389}}</ref> Spaces and Welhome,<ref>{{Cite web |title=Welspun India Ltd analyst report |url=https://ventura1.com/calltracking/TechnicalCalls/stockideas/Weslpun%20India%20Ltd%20-%2023rd%20Aug%202023_638286847470038872.pdf |website=Ventura}}</ref> and is led by Dipali Goenka, who is the CEO and managing director.<ref name=":0">{{Cite web |last=Law |first=Abhishek |date=2021-09-06 |title=Welspun India looks at ₹730 crore turnover from e-commerce |url=https://www.thehindubusinessline.com/companies/welspun-india-looks-at-730-crore-turnover-from-e-commerce/article36319915.ece |access-date=2024-02-06 |website=Business Line|location=Chennai}}</ref>
== History == Founded in 1985 by Balkrishan Goenka as Welspun Winilon Silk Mills in Palghar, Maharashtra,<ref>{{Cite web |title=New Spins |url=https://www.businessworld.in/article/New-Spins/08-11-2014-60229/ |archive-url=https://web.archive.org/web/20171007144103/http://businessworld.in/article/New-Spins/08-11-2014-60229/ |archive-date=2017-10-07 |website=Businessworld}}</ref> Welspun India initially focused on polyester texturizing.<ref name=":3">{{Cite web |title=Dream weaver |url=https://www.indiatoday.in/magazine/economy/story/20081208-dream-weaver-738357-2008-11-27 |access-date=2024-02-06 |website=India Today |date=27 November 2008}}</ref> In 1991, the company went public through an initial public offering (IPO) and subsequently changed its name to Welspun India Limited.<ref name=":2" /> Towel manufacturing and export operations began in 1993 with a new plant in Vapi, Gujarat.<ref name=":2" /> In 1998, Welspun secured its first outsourcing order of terry towels from Walmart.<ref name=":3" /> Subsequently, the company began exporting towels to additional American retail majors including JCPenney, Target, Kmart, Tommy Hilfiger, Calvin Klein, Shopko and Costco, as well as retailers in Europe, Australia and New Zealand. In 2004, a new facility in Anjar, Gujarat, was established for bed linen production,<ref>{{Cite web |date=2014-03-06 |title=Welspun targets $2 billion turnover by 2020 |url=https://www.indiantextilemagazine.in/welspun-targets-2-billion-turnover-2020/ |access-date=2024-02-06 |website=The Textile Magazine}}</ref> with a capacity of 35 million meters per annum.<ref name=":12"/> The Toweling facility started commercial production in March 2005, and the spinning facility commenced commercial production in June 2005.<ref name=":2" />
In 2007, Welspun started a bedding sets facility in Mexico.<ref>{{Cite web |last=Merchant |first=Krishna |date=2015-09-14 |title=Will Welspun India continue to spin higher growth? |url=https://www.livemint.com/Money/Z99wA4tjKgAfOb5wUUfPTO/Will-Welspun-India-continue-to-spin-higher-growth.html |access-date=2024-02-06 |newspaper=Mint}}</ref> In 2009, the company demerged its Sales & Marketing and Investment divisions into two separate entities – Welspun Global Brands Ltd. and Welspun Investments & Commercials Ltd.<ref>{{Cite web |last1=Basu |first1=Aniruddha |last2=Pandey |first2=Swati |title=Welspun India to list 2 spun-off entities in a month |url=https://www.reuters.com/article/welspun-india-interview-idINBOM26609820090423/ |agency=Reuters}}</ref><ref name=jaleel>{{Cite news|title=Welspun India to merger with Welspun Global Brands|first=Tania|last=Jaleel|date=21 January 2013|url=https://www.business-standard.com/article/companies/welspun-india-to-merger-with-welspun-global-brands-112121900069_1.html |newspaper=Business Standard|location=Mumbai, India}}</ref> In 2014, Welspun launched a new spinning facility at Anjar, Gujarat.<ref name=":42"/> In 2017, Welspun entered the flooring and smart textiles sectors, expanding into in the Middle East, Japan, Australia, and the EU.<ref>{{Cite web |date=2016-12-14 |title=Welspun India expands into flooring solutions |url=https://www.thehindubusinessline.com/companies/welspun-forays-into-flooring-solutions-with-rs-600cr-carpet-plant/article9426607.ece |access-date=2024-02-06 |website=Business Line|location=Chennai}}</ref> On 9 February 2017, the company partnered with the Cotton Egypt Association (CEA) to promote Egyptian cotton products globally.<ref>{{Cite news |last=Ghosal |first=Sutanuka |date=2017-02-09 |title=Welspun India Ltd enters into an agreement with Cotton Egypt Association |url=https://economictimes.indiatimes.com/industry/cons-products/garments-/-textiles/welspun-india-ltd-enters-into-an-agreement-with-cotton-egypt-association/articleshow/57060756.cms?from=mdr |access-date=2024-02-06 |work=The Economic Times |issn=0013-0389}}</ref><ref>{{Cite web |title=Welspun India To Promote Egyptian Cotton Through Tie-up With Industry Association |url=https://www.forbesindia.com/article/special/welspun-india-to-promote-egyptian-cotton-through-tieup-with-industry-association/45871/1 |access-date=2024-02-06 |website=Forbes India}}</ref>
== Acquisitions and subsidiaries == In 2006, Welspun India acquired an 85% stake in CHT Holdings, the holding company of the UK's largest towel firm, Christy, for the equivalent of US$28.7 million.<ref>{{Cite news |date=2006-07-04 |title=Welspun buys UK's Christy |url=https://economictimes.indiatimes.com/newet/business-of-brands/welspun-buys-uks-christy/articleshow/1702782.cms |access-date=2024-02-06 |work=The Economic Times |issn=0013-0389}}</ref> Christy's existing management retained a 15% stake in the company and continued to be involved in its operations. Following the acquisition, Rajesh Mandawewala, joint managing director of Welspun, was appointed chairman at Christy.<ref>{{Cite news |title=Welspun wraps up UK's Christy |url=https://www.business-standard.com/article/companies/welspun-wraps-up-uk-s-christy-106070401079_1.html |work=Business Standard|location=India}}</ref>
As part of a demerger move in September 2008, Welspun separated its Sales & Marketing and Investment divisions, creating two distinct entities—Welspun Global Brands Ltd. (WGBL) and Welspun Investments & Commercials Ltd (WICL). WGBL was specifically responsible for the sales and marketing division of Welspun's home textile business.<ref>{{Cite news |date=2008-09-17 |title=Welspun hives off distribution, investment divisions |url=https://economictimes.indiatimes.com/industry/cons-products/garments-/-textiles/welspun-hives-off-distribution-investment-divisions/articleshow/3491401.cms |access-date=2024-02-06 |work=The Economic Times |issn=0013-0389}}</ref>
In 2012, WGBL was reintegrated into Welspun India Limited. However, the marketing business of Welspun India was separated and transferred to a third firm called Welspun Retail Ltd (WRL). In the same year, certain overseas investments of Welspun India Limited (WIL) were moved to WRL.<ref name=jaleel/> Welspun Retail was later renamed Welspun Global Brands Ltd to maintain its marketing identity.<ref>{{Cite web |date=2013-01-01 |title=HC approves merger of WGBL with Welspun India |url=https://www.indiantextilemagazine.in/hc-approves-merger-of-wgbl-with-welspun-india/ |access-date=2024-02-06 |website=The Textile Magazine}}</ref>
===Welspun USA=== '''Welspun USA Inc''' is a subsidiary of Welspun India Ltd.<ref>{{cite web|url=http://www.thisweeknews.com/live/content/grovecity/stories/2009/06/24/0625grwelspun_ln.html |title=Agreement keeps Welspun in Grove City | ThisWeek Community Newspapers |publisher=|date=2009-06-24 |accessdate=2011-01-06}}</ref> Welspun USA operates as one of the largest home textile divisions of the 3 billion dollar Welspun Group. Welspun USA has become a key supplier to 9 of the top 10 American retailers, manufacturing 1 in 5 towels in the US. Their product range includes Bath Towels, Bath Rugs, Accent & Area rugs, Down Alternative Comforters and Mattress Pads, and Fashion Bedding.<ref>{{cite press release|url=http://www.prnewswire.com/news-releases/nexcen-brands-inc-announces-strategic-partnership-with-welspun-usa-to-expand-waverly-brand-57128397.html |title=NexCen Brands, Inc., Announces Strategic Partnership with Welspun USA to Expand Waverly Brand |location=New York |publisher=NexCen Brands |via=Prnewswire.com |date=2008-01-22 |accessdate=2011-01-06}}</ref> With over 28 active patents, Welspun has garnered some attention for its HygroCotton technology, which has temperature regulating benefits and hollow core yarn to get softer with each wash.<ref>{{cite web|url=https://hygrocotton.com/about-welspun/|archive-url=https://web.archive.org/web/20150921210225/http://hygrocotton.com/about-welspun/|archive-date=21 September 2015|title=Cotton That Keeps Up |location=New York |publisher=Hygrocotton.com |date=2018-11-20}} hygrocotton.com later dropped mention of Hygrocotton, and ultimately became unavailable.</ref> It was established in 2000, as a wholly owned subsidiary of Welspun Retail Ltd.<ref>{{cite web|url=http://economictimes.indiatimes.com/welspun-india-ltd/infocompanyhistory/companyid-12096.cms |title=WELSPUNIND History | Welspun India Ltd Company History & Profile |publisher=economictimes.indiatimes.com}} Page updated as required, with cumulative history.</ref>
Key people include Dipali Goenka, Executive director, Julie McKenzie, President & CEO.<ref>{{cite web|url=http://www.hometextilestoday.com/article/545535-welspun-usa-brings-new-ceo/ |title=Welspun USA Brings on New CEO |publisher=hometextilestoday.com |date=2017-08-15 |accessdate=2019-02-15}}</ref>
== Controversies == Target, a US-based retail corporation, terminated its contract with the company following a dispute over cotton supply.<ref>{{Cite web |date=2016-08-24 |title=Welspun India shares crash after US retailer ends contract |url=https://indianexpress.com/article/business/companies/welspun-india-shares-crash-after-us-retailer-ends-contract-2993189/ |access-date=2024-02-06 |website=The Indian Express |language=en}}</ref> In a statement issued on August 19, 2016, Target Corporation noted that its vendor, Welspun Global Brands (Welspun), was one of the producers of 500-thread count sheets made from Egyptian Cotton under the Fieldcrest label for Target.<ref>{{Cite web |title=Wal-Mart Stores Faces Lawsuit over Fake Egyptian Cotton Sheets |url=https://fortune.com/2016/11/08/walmart-stores-welspun-lawsuit/ |access-date=2024-02-06 |website=Fortune |language=en}}</ref> Target raised concerns, alleging that Welspun had substituted another type of non-Egyptian cotton during the production of these sheets between August 2014 and July 2016 without Target's knowledge.<ref name=":42">{{Cite web |last=Seth |first=Neha |date=2017-08-16 |title=The Weaver Welspun India |url=https://business.outlookindia.com/invest/the-weaver-welspun-india-2122 |access-date=2024-02-06 |website=Outlook Business |language=en}}</ref> In response, Target withdrew the affected products, offered customers full refunds, and severed ties with Welspun in August 2016.<ref>{{Cite web |title=Welspun India shares slump after Target severs ties with co |url=https://www.reuters.com/article/idUSKCN10X0EN/ |access-date=2024-02-06 |website=Reuters}}</ref> Walmart and Bed Bath & Beyond also discontinued selling the implicated linens later that year.<ref>{{Cite web |title=Walmart, Target, Bed Bath must face lawsuit over fake 'Egyptian' cotton - New York judge |url=https://www.reuters.com/article/idUSKCN1SQ2CB/ |access-date=2024-02-06 |website=Reuters}}</ref><ref>{{Cite web |date=2016-11-15 |title=Lawsuits against Welspun, Wal-Mart roil cotton industry |url=https://www.livemint.com/Industry/AMsqSWdB3fhIqs56CYo0YN/Class-action-suits-roil-cotton-industry.html |access-date=2024-02-06 |website=mint |language=en}}</ref><ref>{{Cite news |date=2016-09-10 |title=Walmart stops selling Welspun’s Egyptian cotton products |url=https://www.thehindu.com/business/Walmart-stops-selling-Welspun%E2%80%99s-Egyptian-cotton-products/article14640066.ece |access-date=2024-02-06 |work=The Hindu |language=en-IN |issn=0971-751X}}</ref>
On August 20, 2016, Welspun India issued a statement confirming that it encountered a product specification issue with one client program of its subsidiary, Welspun Global Brands. Welspun India stated that it had initiated immediate actions to investigate the root cause of the issue and was appointing one of the Big Four external audit firms to audit its supply systems and processes. Welspun emphasized that this was an issue of the highest priority and would take all necessary steps to address it.<ref>{{Cite web |title=Welspun India slumps after US based client severs ties with company |url=https://www.business-standard.com/article/news-cm/welspun-india-slumps-after-us-based-client-severs-ties-with-company-116082200217_1.html |website=Business Standard}}</ref><ref>{{Cite web |title=Welspun India extends slide post severance of ties with US client |url=https://www.business-standard.com/article/news-cm/welspun-india-extends-slide-post-severance-of-ties-with-us-client-116082300152_1.html |website=Business Standard}}</ref>
==References== {{reflist}}
==External links== *[http://www.welspunusa.com/ Welspun USA website] *{{usurped|1=[https://web.archive.org/web/20110713192427/http://www.ldbinteriortextiles.com/news/readnews_test.cfm?article=707 Welspun USA Acquires Assets Of KOJO Worldwide]}} *{{usurped|1=[https://web.archive.org/web/20090226121303/http://www.ldbinteriortextiles.com/pdf/nov_2007/DramaInDiversity.cfm Drama In Diversity]}} *[http://www.hometextilestoday.com/article/557830-welspuns-big-data-play/ Welspun's Big Data Play]
{{Welspun Group}}
Category:Manufacturing companies based in Mumbai Category:Manufacturing companies established in 1985 Category:Indian companies established in 1985 Category:Welspun Group Category:Multinational companies headquartered in India Category:Textile companies based in Maharashtra Category:1985 establishments in Maharashtra Category:Companies listed on the National Stock Exchange of India Category:Companies listed on the Bombay Stock Exchange