Lux Industries Ltd. has set an ambitious turnover target of Rs. 1,500 crores by 2020. Its vision is to constantly add new and innovative products for gaining a significant domestic and overseas market share. Its phase-II expansion is to double the production capacity over the next 3-4 years.
Lux Industries is one of India’s largest hosiery producers and exporters. Commenting on the company’s performance, Mr. Ashok Kumar Todi, Chairman, said: “We are very pleased to end FY19 on a positive note. With the growing need for quality and comfort along with fashion in the innerwear industry, there has been a major shift in the industry which has helped the organised innerwear segment to gain a market share from the unorganised players.
Today people look for brands that provide innovative product lines and optimum style without compromising on quality and comfort. Lux Industries has been achieving milestones within the hosiery industry and taking the brands across national and international borders by identifying the market needs and delivering products which are widely accepted.
The Indian innerwear market is projected to grow to a level of Rs. 47,000 crores by 2020. Lux has invested in enhanced manufacturing automation (ultrasonic cutting systems) for increasing efficiency and global competitiveness. The company has its low manufacturing cost with 100% of the products manufactured in-house with zero outsourcing.
Lux has invested in 350 circular knitting machines fully automated. It has also invested in cutting machines from Morgan Technica SPA, knitting machines from Mayer & Cie. and United Texmac Pte Ltd. It has set up an integrated unit across knitting, processing and cutting functions which will enhance efficiency, productivity and profitability. It manufactures 20 crore garment pieces a year, which is one of the largest in the Indian innerwear sector.
The company has set up a new state-of-the-art 12 lakh sq. ft. manufacturing facility at an investment of Rs. 83 crores on the outskirts of Kolkata. It has installed 108 stitching / sewing machines, 11 high-speed knitting machines, 60 sock knitting machines and two cutting machines. Total capacity is 5 lakh units of finished products a day.
Mr. Pradip Kumar Todi, Managing Director, said: For the year ended March 31, 2019, our total revenue stood at Rs. 1,218 crores as against Rs. 1,079 crores in FY18, representing a growth of 13%. EBITDA and PAT were at Rs. 190 crores and Rs. 101 crores respectively. We keep launching new products to cater to the changing consumer demand. In the current quarter we have launched India’s first scented vest range under our brand Lux Cozi. To fight the rising mercury during summers the refreshing scented vests will be a landmark product in the men’s innerwear category”.
By being the pioneer to launching scented vests in India, Lux will be able to grab a big market share. We intend to launch many more products in the coming months that will add to the market leadership. With this new range of vests, Lux Cozi is taking a phenomenal leap in the process of creating value-based products keeping in mind the essential need and aspirational style quotient of India.
Incorporated in 1995, Lux Industries is one of the largest players in the hosiery business having a market share of 20% of the organised industry. The products include men’s, women’s & kids innerwear, winterwear, and socks & slacks for women in varied colors and designs.
With its focus on growing exclusive retail outlets and in providing customers with a seamless buying experience, the company products are available at several retail points spread across India. Lux has its presence across the globe with exports made to 47 countries.