Hyosung, the largest and fastest growing spandex provider in the world, is proud to announce plans to build Hyosung’s first spandex plant in Maharashtra State in India and a new EMEA marketing director, Simon Whitmarsh-Knight. Initial investment of USD 100 million will expand Hyosung’s creora® brand share of India’s spandex market to 70%.
The Indian market for spandex grew at a compound annual growth rate (CAGR) of over 16 percent from 2012 to 2017; growth is expected to reach 12 percent in 2020. Maharashtra, where Hyosung will build its plant, is a key region for textile production in India and the plant will create jobs and boost the regional economy, as well as spur the development of businesses in the state such as weaving, knitting and sewing.
Hyosung’s Chairman Hyun Joon Cho said: “India is one of the world’s largest textile markets and we expect remarkable growth in the Indian consumer market. With the Indian government’s full support for our new plant, I sincerely hope that Hyosung and the Indian economy will grow together.”
