Lux Industries Ltd. has announced that the group is targetting Rs. 2,000 crores turnover by 2020. The company informed about its plans to reposition itself as a youth-centric brand and will add more products and manufacturing units to its present inventory. Lux Industries clocked a turnover of Rs. 687 crores for the 9 months from April to December 2016.
Mr. Ashok Todi, Chairman, Lux Industries, stated: “Our consistent quarterly improvement in profitability has been due to several reasons – reduced cost, increased production capacity owing to the installation of high technology driven Dankuni plant. Despite the slowdown due to sudden announcement of demonetisation, we have not seen any major impact on our business. Since we are operating in this basic and essential product segment the impact has been minimal in terms of sales”.
The company’s aggregate manufacturing capacity has increased to 1.4 million from 1.2 million pieces per day across more than 11 manufacturing facilities in India. Lux Industries has more than doubled its revenue in the past 5 years and is constantly pushing its boundaries to increase its turnovers while maintaining its uncompromising stance on quality. Lux as a brand continues to strengthen its leadership in the innerwear category by unlocking comfort and style.
Further Mr. Pradip Todi, Managing Director, Lux Industries, added: “The focused movement towards premium category is a conscious step that we have taken to tap the brand conscious and quality-driven consumers. In a market which is comprised of 50% unorganised player the trend is slowly moving towards being organized. With the implementation of GST we see further growth of the organised sector with less price difference thus adding to the topline revenue of the organised players.”
Lux Industries manufactures more than 100 products across 12 major brands comprising a complete range of innerwear for men, women, and children. Lux produces vests, T-shirts, briefs, boxers, spaghettis, thermals, panties, and leggings represented by some of the most prominent brands. These brands comprise category leaders such as LUX Cozi Innerwear, ONN Premium Wear, LUX Bigshot, GenX Style Inners, LUX Venus, LUX Cott’swool, LUX Inferno, LUX Classic, LUX Mozze and LUX Karishma. Lux is present in more than 45+ countries and has reiterated its leadership position in the domestic market with over 900 dealer and distributor network. The brands manufacturing capacities stands at 1.2 mn garments per day across 11 manufacturing facilities.