Lux Industries, a leading knitwear brand, has undertaken a three-pronged strategy to achieve a turnover of Rs 1,000 crore by FY26. The company had clocked a turnover of Rs 550 crore in FY22 and has been growing at a rate of 10% -12% over the last three years.
Talking to ET, Saket Todi, director, Lux Industries said “As part of our strategy, we will beef up our presence in South India from where we only get a revenue of Rs 10 crore. Secondly, we have launched a new category for boys’ innerwear, which is known as Lux Cozi Boys. In FY23, we earned a revenue of Rs 18 – Rs 20 crore from this brand, which is only 3 percent of our total revenue. Our target is that by FY26, the boy’s innerwear brand should earn a revenue of Rs 100 crore which is 10% of our targeted turnover of Rs 1000 crore.”
“And finally, we need to increase the growth of our men’s innerwear category which is the highest revenue earner for us,” Todi added. Lux Cozi is the mother brand of Lux Industries.
To increase the growth of the men’s wear segment, Lux Industries has roped in Bollywood actress Jacqueline Fernandez to endorse the men’s innerwear. “This is for the first time an actress has been roped in to endorse a men’s wear brand,” claimed Mr Todi.
Talking about the pricing of their products, Todi said that they have reduced prices in the December-January period as the yarn prices have softened. “We have no immediate plans to increase prices,” he added.
The company is also witnessing a recovery in rural demand. “In the last 15 days, we have seen rural demand picking up after a lull of almost five months. Inflationary pressure has impacted the offtake of our products. Now that the inflation has softened, we are seeing an uptick in demand in rural areas,” he said.