Faze Three to Add Latex-Backed Rugs
May 15, 2006,
Mumbai, India — After 21 years in the reversible cotton bath mat business, Faze Three Ltd. of India is entering its next phase with the addition of latex-backed cotton bath rugs to its product line. Ajay Anand, president and ceo, told HTT this new offering comes as part of the company’s larger effort to expand all aspects of business.
Faze Three spent $14 million buying Whitley Willows’ entire plant as well as some additional production machinery from another factory, then built a larger site for its operations to accommodate recent rapid growth.
The company’s growth spurt, he said, stems primarily from new business in the U.S. market with major discount mass merchants, mid-tier retailers and home textiles specialty chains, Anand explained. The company plans to open a New York headquarters this fall. “The American market has officially become our major market, making up about 65% of our total business.” Faze Three also sells to all the major retailers in the United Kingdom.
While reversible cotton rugs has long been its core offering, orders from retailers for the new latex-backed cotton bath rugs have already begun coming in. These new varieties “take this product to a higher quality than what already exists in the marketplace,” Anand asserted.
The new Faze Three assortment employs high-quality latex as well as a variety of better cottons, depending on customers’ requests, including Pima and Egyptian. “We are offering more value and quality for the money to retailers,” Anand said. “And we make it ourselves and supply it directly to them.”