Lux fastracks growth

Kolkata-based Lux Hosiery, a leading player in the innerwear category in India has reported

successful export figures with an expected turnover of Rs 100 crores in fiscal year 2010-11 as against Rs 30 crores in 2009-10. Managing Director, Navin Todi is upbeat. He says the company aims to record a turnover of Rs 500 crores in the current fiscal, up from Rs 412 crores last year.  

Lux has established its products in the Middle East countries, particularly in the United Arab Emirates which is home to a huge number of Indian expatriates. Its expansion plans are to South Africa and to the emerging European markets like Poland, the Czech Republic and Slovakia from where it has received good response.  

In late April this year, Lux Hosiery announced plans to go public with Rs 10-crores issue priced at a premium of Rs 40 per share. The closely-held company is planning to issue 20,00,000 equity shares at Rs 10 each and was awaiting the Securities and Exchange Board of India’s nod for the initial public offer (IPO). The IPO will be listed only on small exchanges like Kolkata and Ahmedabad. The Lux brand is owned by Biswanath Hosiery Mills, which is an associate company of Lux Hosiery Industries.