Indian textile and apparel company Raymond Ltd. and Belgian sportswear, fabric and yarn firm UCO NV have entered into a joint agreement to begin a new global denim operation.
 

This 50:50 joint venture company, incorporated in India as Raymond UCO Denim Private Ltd. and with headquarters in Belgium, will manufacture and market denim fabrics in the US, Europe and Asia with a combined fabric capacity of 80 million metres per annum.

The global demand for denim today is estimated at around 5.5 billion metres and the global denim fabrics industry in 2005 was valued at an estimated $10 billion.

The market for jeans in India is estimated at 90 million pairs per annum, of which 30% are branded jeans.