Lux to foray into casual, active wear, eyes Rs 2000 crore sales by 2020
Lux Industries Ltd, a leading inner wear brand in India is expecting to generate Rs 2000 crore sales by 2020. The company is targeting the youth for growth and plans to foray into casual and active wear segment, a company executive said.
"Our focus is on creating an enduring institution that represents an attractive investment opportunity for both existing and prospective shareholders. Through our growth strategy, we are looking at a turnover of Rs 2,000 crore by 2020," Udit Todi, senior vice president Lux Industries told a news agency.
The company, which had launched the ONN brand of innerwear targeting younger people few years ago, is now focussing on the Rs 2,400 crore active wear markets offering a casual and alternative line of clothing.
"We are entering a customized segment of active wear and with the launch we are looking at a wider reach for revenue and to establish the brand as a front runner," Todi added.
He pointed out that ONN registered Rs 100 crore sales in 2015-16, and is growing at a cumulative annual rate of 20 per cent annually, and expects this growth rate to continue.
Lux Industries, which has a strong foothold in export markets including Africa, Midde East and some countries of South East Asia, is also looking at expanding its footprint in developed countries, through exports of premium innerwear.
"We are now looking at premium innerwear brands. We are among the top brands in African countries, and are looking at focusing on European and US markets as well. We are now beginning exports to Australia," Udit Todi added.
Lux Industries brands include ONN Premium Wear, Women's leggings brand Lyra, innerwear brands Lux Cozi and GenX.
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