Texas Governor appointed NRI Arun Agarwal on the board of Texas's Product Development and Small Business Incubator (PDSBI)
(NRI Arun Agarwal, CEO of Nextt, the marketing arm of Mumbai, India-based Alok Industries )
Los Angeles,. March 31, 2016
Arun Agarwal, who founded Dallas company Nextt in 2008, the marketing arm of Mumbai, India-based Alok Industries, serves as its CEO, was appointed on the board of Texas's Product Development and Small Business Incubator (PDSBI).
Arun received U.S. patent #9,131,790 B2 ensures that Nextt will continue as the leader in marketing Alpha Cotton and will also be able to work with the [Federal Trade Commission] to maintain the integrity of the brand, especially regarding its high thread count and luxurious feel.
According to September, 2015, Nextt sells 600 thread count sheets on average between $59.99 and $69.99 per set. The products are available at a variety of retailers including world’s top retailers, including Dillard’s, JC Penney, Target, Kohl’s, and Wal-Mart, as well as brands that include Trina Turk, Iman, Kathy Ireland, Jessica McClintock, and Ellen Tracy. The fabric is called Alpha Cotton, a trademarked name, and is used primarily for making sheets. It is already garnering annual sales of about $1 billion, which is expected to grow to more than $2 billion within the next two years.
Nextt already planned to expand its distribution space in Oak Lawn by 150,000 square feet and add 20 new workers, but with the additional forecasted sales, it plans to hire 20 to 50 additional workers and expand its space by 300,000 square feet. The company also has a showroom in New York City.
Alok Industries will be the lead manufacturer of the product. Alok is India’s largest integrated textile company and boasts revenues of more than $3.5 billion.
“As important as the product is, I feel supply-chain management is all the more critical,” Arun Agarwal said. “It’s not about the cheapest, it’s about your reliability, it’s about making sure the quality is right and that can you bring it in on time. We truly believe we’re as good as our last deal,” he says. If I don’t execute it today, tomorrow I won’t exist.”
“The basic sheet and towel is a commodity,” Arun says. “It’s more about the functionality. If you can combine fashion with function, it’s a winning combination.”
Nextt CEO Arun Agarwal named on Texas' small business board
Washington, March 31 (IANS) Texas Governor Greg Abbott has appointed Arun Agarwal, CEO of Nextt, the Dallas-based leader in the US home textile industry, to the Product Development and Small Business Incubator (PDSBI) Board.
The first Indian American to be appointed to the key post in the state's history, Agarwal will hold the office until Feb 1, 2019.
The PDSBI is a revolving loan programme, administered by the Office of the Governor, and overseen by a nine-member board appointed by the Governor.
The PDSBI Fund provides financial aid for the development, production and commercialization of new or improved products and to foster the growth of small businesses in Texas.
"It is such a huge honour for me to serve on one of the Governor's boards," said Agarwal.
"As global business owners, it is our responsibility and civic duty to help other local small businesses survive and thrive in this global economy, and I am excited to do my part."
Nextt is a $500 million revenue, privately-held company that provides textiles to all of the major US retailers including Dillard's, Belk, Wal-Mart and Kohl's.
Nextt also has a robust portfolio of leading celebrity brands, such as Beautyrest, Ellen Tracy, Jessica McClintock and Royal Sateen.
The company was recently awarded the patent for "alpha cotton," a luxurious fabric that will make sheets 30 to 40 percent cheaper than 100 percent cotton.
Nextt CEO Arun Agarwal was awarded "NRI of the Year" by TIMES NOW and ICICI Bank in 2015 and was selected as a 2014 Minority Business Leader by the Dallas Business Journal.
Agarwal's Dallas headquartered company was ranked 17th in the 2014 Dallas 100 list of fastest growing companies selected by the Caruth Institute for Entrepreneurship of SMU.