New Delhi: Trident could benefit from the woes of its rival Welspun, which has been hit by allegations of selling low quality of bed sheets in the United States. According to reports, U.S. retail giant Target Corp is considering shifting some orders to Trident after it terminated $90 million of business with rival supplier Welspun over allegedly labelling cheaper bed sheets as premium Egyptian cotton.
Punjab based Trident shares were up by 12 per cent on the BSE on Friday. “Over the years, we have built and developed long standing relationships with the leading global retailers including Target Corp and as a normal course of business we keep getting orders from them,” Trident told BSE in a clarification over the news. Trident is said to be currently supplying terry towels to Target and is one of the few Indian companies with the capacity to produce more bed sheets.
Target severed business ties with Welspun after allegedly discovering that sheets and pillows labelled as premium Egyptian cotton were actually made with another type of cotton. According to reports, other Welspun clients are also reviewing Welspun’s product claims and certification records.
