Arvind Goodhill Suit Manufacturing, a joint venture between Arvind  & Goodhill Corporation of Japan, announced launch of formal suits on Wednesday. The joint venture firm has set up a greenfield suits manufacturing facility based out of Bommansandra Industrial estate in Bengaluru, to produce high-end formal suits catering to the needs of evolved Indian and overseas customers.
 
The unit has started with two lines each for jackets and trousers, with the capacity to produce 350,000 pieces of jackets and 600,000 pairs of trousers annually. In its first year of operation, it expects to achieve a turnover of around Rs 1 billion.
 
Commenting on product launch, Kulin Lalbhai, executive director, Arvind, said, ''With this venture, Arvind has entered into the worsted segment and suits manufacturing, expanding its product portfolio offering. The company now offers a complete vertical solution in the garmenting space ranging from suits to jeans and from formals to casuals. With Goodhill's design and process technology, we will be able to target the premium market and offer our customers a product made in India and marked to perfection.''
 
Hideki Yoshioka, President, Goodhill Corporation, Japan said, ''With its diverse culture and large population base, India offers immense growth potential for suiting business. Through this joint venture with Arvind, we will have the advantage of the wide network presence of one of India's largest apparel brands and retail players. With over 50 years of experience in this space we intend to bring the best technology and collaborate with Arvind to bring world class products to India.  We believe this collaboration will turn out to be a perfect entry to the Indian market.''

Shares of the company gained Rs 6.65, or 4.51%, to trade at Rs 154.20. The total volume of shares traded was 527,097 at the BSE (3.09 p.m., Wednesday).