Elephant God Marks India Boom for Cars, $12,500 Suits
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S.K. Singhal, head of textiles at India’s biggest fabric maker, bought the finest wool Australia ever auctioned this year to make fifty $12,500 suits. In the wedding and festival season starting tomorrow, he expects to sell the lot.
Singhal’s optimism shows how sentiment has rebounded since 2008 when his company Raymond Ltd. paid a record price for a wool bale that is still partly unused. Analysts forecast this year’s four-month consumer binge will help push sales at companies including watch and jewelry maker Titan Industries Ltd. and carmaker Maruti Suzuki India Ltd. to records.