Lux Group, the leading Indian hosiery maker, is reworking on its growth strategy. It will begin targeting youth and expects to make Rs. 2,000 cr in sales by 2020 through portfolio extensions and premiumising innerwear brands. The company is also focusing on Rs. 2,400-cr activewear market by offering casual and alternative clothing lines. The company’s focus is on creating an institution representing an attractive investment opportunity for existing as well as potential shareholders. With the growth strategy, it is targeting a turnover of Rs. 2,000 cr by 2020, Udit Todi, Senior Vice President of Lux Industries said.
With a view to widen the reach for revenue and establish the brand as a front runner, the company is entering the customised segment of activewear, said Saket Todi, Senior Vice President of Lux Industries. The Onn innerwear brand from Lux, which targets the young generation made Rs. 100 cr in sales during 2015-16. It is growing at a cumulative annual rate of 20 per cent per year.
There are 7 exclusive stores as of now and the company plans to open about 15 more stores next year. The Onn brand is also available in over 2,000 large format stores and 4,000 multi-brand outlets. Lux Industries is also eyeing various developed countries by exporting premium innerwear, according to a report. The company already exports to Africa, Middle Ease and a few countries in South East Asia.
Udit Todi added that the company is one of the top brands in Africa and will now focus on the US and European markets. It will also begin exporting to Australia. The new manufacturing unit of the company in Dankuni, West Bengal has taken the production capacity of the company to 1.4 mn units.
