The Indian rug and doormat market has witnessed substantial growth, particularly in exports. India stands as a major manufacturer and exporter of handmade rugs and mats, known for its designs and craftsmanship. Here, key markets include the US, Europe, and the Middle East. Trends indicate a rising demand for eco-friendly products, favoring natural fibers like jute, cotton, and wool, along with a preference for contemporary designs blending tradition with modern aesthetics. However, the industry faces challenges such as fluctuating raw material prices, labor shortages, and competition from countries like China and Turkey. Compliance with international quality standards and environmental regulations, alongside logistical issues, adds to the hurdles.
This is where three competent leaders with unparalleled expertise, Tiju Peter, Rishi CS, and Binu Prabhakar, established Triangle Weavers in the year 2018 to overcome the aforementioned hurdles. Today, the company has emerged as a leading player, specializing in jute, coir, and sisal rugs and mats. Triangle Weavers, under its visionary leadership, swiftly garnered acclaim for top-notch products and service, securing clients globally. Emphasizing quality, timely delivery, and competitive pricing, they've built lasting customer satisfaction while prioritizing cost-effective methods to strengthen their market stance.
Innovation remains pivotal, driving sustained growth through new product introductions. Diversifying into coir business, they're establishing a new factory, showcasing commitment to expansion. With a current turnover of 33 crores, they target 100 crores through strategic partnerships and innovation. These three individuals’ journey epitomizes hard work and strategic acumen, propelling Triangle Weavers to industry leadership.
The Individuals Behind Triangle Weavers
Firstly, if we speak of Tiju Peter, he holds an M.Com degree from S.D. College, Alappuzha under Kerala University (1996-1998) and an MBA in Marketing and Finance from TKM Institute of Management, Kollam under Kerala University (1998-2000), providing a solid foundation in business principles and global commerce. During his studies, he gained practical experience through internships and part-time roles in export-oriented companies. After completing his education, Tiju joined a company specializing in exporting jute products, including rugs. This role helped him understand the complexities of the jute rug export industry, from sourcing raw materials to navigating international trade regulations.
A pivotal moment in Tiju’s career was leading the expansion of the company's jute rug exports into new markets. He conducted market research, established international partnerships, and adapted products to meet diverse consumer preferences. As a director, Tiju has made strategic decisions that impact the growth and profitability of the business. His responsibilities include identifying industry trends, negotiating supplier contracts, and devising marketing campaigns to enhance brand visibility, significantly shaping his expertise in the sector.
Secondly, Rishi CS holds a BBA degree (1993-1996) from Madras University and an MBA in HR and Marketing (1998- 2000) from TKM Institute of Management, Kollam under Kerala University. During his studies, he established his own firm specializing in jute export, which has thrived for two decades. This experience allowed him to master the intricacies of the jute rug export industry, from sourcing raw materials to navigating international trade regulations. Mr Rishi is overseeing the marketing , administration, accounts and the production side which holds a crucial role in ensuring operational efficiency and the quality of exported products. He is responsible for the entire production process, from sourcing raw materials to managing production schedules, quality control.
One must have a keen eye for detail to maintain high production standards and ensure that all rugs meet export requirements and customer expectations. Additionally, Mr Rishi stays abreast of market trends, innovations in production techniques, and regulations to continuously improve the company's production processes and competitiveness in the global market.
Thirdly, Binu Prabhakar, son of Shri. Thachadi Prabhakaran (former Finance Minister of Kerala State), holds a BA in Economics from MG College, Thiruvananthapuram. As a director, he has faced continuous challenges in making strategic decisions in the financial side that impact the broadening and profitability of the jute rug export business.
Mr Binu manages financial planning, budgeting, and forecasting processes to ensure financial stability. Mr Binu Stays updated on industry trends, economic developments, and best practices in financial management to drive continuous improvement and innovation within the financial department.
Overcoming Hurdles with Strategic Leadership Approach
Triangle Weavers, led by three astounding leaders, tackled significant challenges in the Jute (coir) industry since its 2018 inception. Key hurdles included raw material scarcity and funding issues. In 2020-2021, Kolkata's jute yarn scarcity led to a 60 percent price hike in two months, compounded by pandemic restrictions. Despite this, Triangle Weavers secured raw materials, ensuring order fulfillment and maintaining client trust. Transparent communication and proactive crisis management underscored their reliability, enhancing business relationships. “We have also encountered hurdles with respect to securing sufficient funding from banks in its early stages despite promising orders”, signifies Tiju Peter, Director, Triangle Weavers.
A Commitment to Excellence
Triangle Weavers faced challenges securing initial funding due to bank reluctance. Despite early orders, scaling operations was hindered. Rishi and his team negotiated extended credit terms with suppliers, ensuring prompt payments upon customer receipt. This trust-based approach, backed by transparent communication, sustained operations and paved the way for growth. Their journey underscores strategic problem-solving and stakeholder relationship-building, vital for resilience in the Jute (coir) industry.
Under the leadership of Rishi, Tiju and Binu, Triangle Weavers prioritizes employee motivation through a holistic approach; encompassing environmental sustainability, supplier respect, customer satisfaction, and employee well-being
Under its leaders, Triangle Weavers has transitioned from traditional handloom techniques to automated processes, boosting production efficiency. Though not yet at the forefront of technology adoption, plans for future upgrades are in place. This strategic shift sets them apart from competitors still reliant on conventional methods. Early integration of new machines allows the company to tailor products to client needs and remain ahead in the industry. Solid banking partnerships, particularly with the SBI, provide consistent financial support, aiding growth and innovation. Overcoming initial funding challenges through strategic negotiations with suppliers underscores their resilience and commitment to advancement.
Triangle Weavers employs decentralized production units in Kerala, sourcing yarn from Kolkata and raw materials from Rajasthan. This model supports local economies and mitigates risks of centralized production. Founders' MBA expertise aids in financial management, stakeholder negotiations, and securing investments, crucial for overcoming initial obstacles and ensuring future growth. Their commitment to integrating technology and securing investments enhances competitiveness. Under the leadership of the three prominent directors, Triangle Weavers exemplifies resilience and innovation in the textile industry. Today, the company thrives in the textile industry through strategic initiatives, despite lacking resources of multinational corporations, wherein, cost efficiency, government support, sustainable practices, and a unique corporate culture drive their success.
Commitment to Natural and Organic Products
The new factory operates on 100 percent renewable energy, primarily solar power, reducing long-term costs and aligning with environmental standards. Triangle Weavers prioritizes natural and organic materials, choosing natural latex for coir products and organic cotton for textiles to meet stringent environmental standards. This commitment aligns with eco-conscious consumer preferences, enhancing market presence and loyalty.
Experience and Ethical Conduct Leadership Approach
With over 20 years of industry expertise, Triangle Weavers' founders possess invaluable knowledge, ensuring streamlined operations and effective market navigation. Upholding stringent ethical standards and transparency in transactions fosters trust with stakeholders, establishing enduring relationships and a positive corporate image.
Triangle Weavers, through strategic land acquisition, sustainability initiatives, innovative leadership, and ethical conduct, has emerged as a significant contender in the textile industry. Despite lacking the resources of multinational competitors, the company capitalizes on its strengths to deliver top-notch, environmentally friendly products while cultivating a motivated workforce. Under Binu Prabhakar’s guidance, Triangle Weavers continues to thrive, setting a precedent for innovation and ethical business practices in textiles. Furthermore, the founders have always been motivating employees through its environmental and ethical commitment. Also, by prioritizing natural and organic materials like jute and organic cotton, the company ensures eco-friendly production practices, appealing to environmentally conscious consumers and instilling pride and purpose in its workforce.
Furthermore, the directors of the company foster a dynamic workforce by prioritizing work-life balance, boosting productivity and job satisfaction. A flexible work environment, including remote work options, accommodates diverse employee needs, attracting tech-savvy professionals. Additionally, the company’s focus on recruiting and nurturing young talent, coupled with fair practices and competitive salaries, ensures high retention rates and sustained morale, driving organizational success.
“As an ethical company, we emphasize respect and fairness with suppliers and manufacturers, fostering collaboration and social responsibility among employees. Employees focus on customer satisfaction, ensuring high-quality products bring joy to customers and pride in their work. Directors promotes work-life balance, reducing stress and enhancing job satisfaction through flexible work options. “Triangle Weavers provides significant support during difficult times, inspiring loyalty and dedication among staff,” highlights Rishi CS, Director, Triangle Weavers.
Future Roadmap and Advice for Aspiring Leaders
“Going forward, we aim to continue our growth by investing in advanced technologies and sustainable practices. We are in the process of building a new factory powered entirely by renewable energy, demonstrating its ongoing commitment to environmental sustainability”, concludes Binu Prabhakar, Director, Triangle Weavers. For aspiring leaders, the directors’ advice is to do good and be good. They emphasize the importance of conducting business with passion and integrity. Success in the industry requires a deep commitment to ethical practices and a genuine passion for the work. By focusing on these principles, future leaders can build successful and sustainable businesses that make a positive impact on both people and the planet.
