Dollar increases product prices for fifth consecutive time

Kolkata-based hosiery brand Dollar Industries has increased the prices of products for the fifth consecutive time during the current fiscal as raw material prices and other costs have increased sharply. The brand has been making price increases ranging 1-1.5 per cent to 4 per cent every month since November 2020. It recently hiked its product prices by 1.5 per cent.

Vinod Kumar Gupta, Managing Director, attributed the price hike to rise in cotton prices by 30 per cent and yarn prices by 40-45 per cent. According to him, this led to a 15 per cent increase in the cost of finished products which was passed on to the consumers. Besides, prices of packaging materials, freight, chemicals and dyes’ cost, inflation, and labor costs have also increased, he added. He has urged the Union Finance Minister and Union Textile Minister to intervene and control the steep rise in cotton and yarn prices of cotton.

Despite the 45-day lockdown, Dollar expects revenues to grow 12 per cent this fiscal to Rs 974 crore. However, the brand has delayed its target period to achieve Rs 2,000 crore turnover to March 2025.