Lux rejigs growth strategy aiming for Rs 2,000-cr sales by 2020

Kolkata-based hosiery maker Lux Group has reworked its growth aimed at touching Rs 2,000 crore in sales by 2020. The focus is now more on youth and the brand is also premiumisation its innerwear brands and portfolio extensions. 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," said Udit Todi, Senior VP, Lux Industries.

"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," explained Saket Todi, Senior VP, Lux Industries. The company, which had launched ONN brand of innerwear aimed at the youth a years ago, is now focussing on the Rs 2,400 crores active wear market offering casual and alternative line of clothing. He said ONN clocked in Rs 100 crore in sales in 2015-16, and is growing at a cumulative annual rate of 20 per cent annually, and expects this growth rate to continue.

Presently there are seven EBOs, and in the next year the company plans to open 14-15 more stores. ONN is also present in 4,000 MBOs and 2,000 LFS. Lux Industries also has a strong export market, and has a presence in Africa, Midde East and some countries of Southeast Asia. The company is looking at expanding its footprint in the West, through exports of premium innerwear. "We are now looking at premiumising our innerwear brands. We are among the top brands in African countries, and are looking at focussing on European and US markets as well. We are now beginning exports to Australia," Udit Todi said.

The company started operations at its new manufacturing unit in Dankuni, West Bengal last year, which has taken its production capacity to 1.4 million units. Lux Industries brands include: ONN Premium Wear, Women's leggings brand Lyra, innerwear brands Lux Cozi and GenX.