logo

Sign me up!

FREE MEMBERSHIP

Get your FREE Innovation in Textiles membership. Sign up now...

Talking Heads

Exclusive interviews

with movers and shakers

10th May 2018, Seoul

Interview with Hyosung’s Spandex President Yong Seup Kim

Hyosung’s Spandex President Yong Seup Kim. © HyosungHyosung, a leading elastane manufacturer, has announced the company’s plans to build its first spandex plant in Maharashtra State in India, earlier this year. The initial investment of US$ 100 million has been made as part of the project to increase Hyosung’s creora brand share of India’s spandex market to 70%. The factory is expected to be completed by 2019.

Innovation in Textiles spoke to Hyosung’s Spandex President Yong Seup Kim about the company’s growth objectives and plans for the new plant.

You are focused on increasing awareness of creora as the global leader in spandex. What do you think will drive the growth of creora in the coming years?

Yong Seup Kim: As the global leader, we are investing heavily in future of creora spandex, all focused on bringing value to our mill, brand and retail partners. With respect to capacity, we have been expanding since 1992, as demonstrated by last month’s green field announcement of US$100 million in Maharashtra, India.

Our marketing team is focused on adding true value to the industry, by working not just with our mill partners, but also having strong collaboration with sourcing offices, garment producers, and of course, brands and retailers. This strong commitment to the value chain allows us to have a deep understanding of industry and consumer needs, so that we can offer differentiate products, trend guidance, and solutions to some of the industry challenges, such as sustainability.

How did you choose the location of the first spandex unit in India?

YSK: India textile market is the biggest emerging market after China, and we have been studying it for the past decade. The ambitious Make in India scheme of the Modi government is aimed at making the country a global manufacturing hub and transforming its economy, we decided this time is the right time to invest.

So far, the investment of US$ 100 million has been announced as part of the plan. Is there more investment to follow?

YSK: The US$ 100 million is an initial investment, being our first step for the India market. We strongly hope and expect the India market to grow significantly, and we will consider additional investment as the market further develops.

What type of machinery is used in the manufacturing process and which fibre is going to be produced in the Indian plant?

YSK: The first priority for this investment is the production of creora spandex fibre, however, our spinning processes are proprietary and therefore we cannot disclose information on the type of equipment.

In addition to production equipment, there is a significant investment in testing and analysis, so we will include capabilities in circular and warp knitting, weaving, core spinning and yarn covering.

Chairman Cho Hyun-Joon announcing the company’s plans to build its first spandex plant in Maharashtra, in India. © Hyosung

Last summer, Hyosung announced a partnership with French textile mill Sofileta to strengthen its presence in European market. How has that worked out so far?

YSK: Sofileta has been the ideal partner to work with as they can integrate fabric and fibre technology to develop leading edge products. Sofileta’s expertise is to customise the fabrics for the needs of the specific end use application and Hyosung has committed to leveraging our technical capabilities to service the needs of them for performance plus fashion. We are thrilled to continue our partnership in terms of co-development.

Are there any further plans to address the European market potential? Strategically, which markets are more responsive?

YSK: It’s an interesting time for apparel as the 'traditional' segments, such as denim, activewear, workwear, are continuing to merge. We see this translating into an increased consumer expectation for performance, comfort and fit throughout the day. This trend provides major opportunities for companies, such as Hyosung, who offer a broad range of high quality, competitively-priced fibre technologies throughout the global apparel value chain.

Having just completed a thorough analysis of the market in Europe, we are seeing significant interest for our service and support across many end-uses including our creora dyeable spandex, creora Black spandex and creora Fresh spandex, especially when combined these with our nylon and polyester cooling, warming and recycled platforms.

The company also recently welcomed a new EMEA marketing director, Simon Whitmarsh-Knight. What will his role be in driving the global growth?

YSK: With over 25 years’ experience in B2B sales and marketing roles within the textiles, apparel and sporting goods industries, Simon will be responsible for expanding the marketing team and for the promotion of specialty Hyosung fibres and fabrics. creora spandex and Mipan nylon, to target retail and brand accounts. In his role, Simon will manage joint development and promotional programs with key industry partners, as well as working on vital industry topics, such as sustainable innovations.

www.hyosung.com

Further reading

Hyosung invests $100 million in new Indian plant

New Marketing Director for Hyosung textiles business

This article is also appears in...

Comments

Be the first to comment on Interview with Hyosung’s Spandex President Yong Seup Kim

|