Sphinx by Oriental Weavers to Cut Prices
Sphinx Rugs bringing good news to consumers!! Egypt‘s Oriental Weavers will cut prices on exports to the U.S. and eastern Europe by up to 15% in order to boost market share. These days any boost in market share is good news.
Andy Warhol collection by Sphinx Rugs has been a big hit for obvious reasons. They are bold and just beautiful.
The company’s main raw material called “polypropylene”, was reduced in cost due to declining oil prices, and therefore exporting prices also declined. Sphinx Rugs already offers the largest selection of discount rugs in the market.
Once the reduced exporting costs came into play, Oriental Weavers seized the opportunity to reduce prices as incentive to buyers. The use of polypropylene in carpet has grown significantly over the past eleven years. Polypropylene does not absorb water and is extremely resistant to stains, fading, moisture, and bacteria.
In late 2008, Oriental Weavers said that it would delay construction of a $233 million industrial complex from 2009 to 2010 because of the global financial crisis; yet, that might change since things are starting to look brighter with the price cuts on exports. Oriental Weavers said in March of 2008 the first phase of the $235.5 million complex would produce rugs with an initial investment cost of $89 million.
Oriental Weavers were quoted in a statement to the stock exchange as saying “In light of the decline recently in the world financial markets, the management of the company saw fit to move construction work planned for mid-2009 to the beginning of 2010.” It was also reported that Egypt’s Oriental Weavers did not see a decline in its growth rate, productivity, or in it’s sales.
Also in late 2008, Egypt’s Oriental Weavers reported a 48 % increase in net profit after minority interest during the third quarter to $15 million. In addition, it also maintained its full-year target growth of between 10 to 12 percent. Shares in the company were trading 0.71% up at $4 by 09:53 GMT.
As you can see, the combination of reduced prices on exporting machine-woven carpets, and the continuing profits and growth in shares, Egypt’s Oriental Weavers and their product is here to stay. All you carpet admirers can stop by and have a look at some of Oriental Weavers top collections such as Sphinx Rugs Generations and Sphinx Rugs Allure.
