Kolkata, June 26 Lux Industries Ltd is betting big on growing its mid-premium range under Lux Cozi into a ₹1,000-crore brand, from the current ₹600 crore, in the next three years. The company is bullish about growth in the kids wear range, which it had launched under the Lux Cozi brand last year.
According to Saket Todi, Executive Director, Lux Industries, the kids wear segment is likely to grow into ₹ 100-crore vertical in the next three years backed by the company’s plans to launch more products under the segment.
“We forayed into the kids wear range last year and are hopeful of growing this into ₹100 crore brand in next three years. There is no-pan India brand in the mid-premium segment catering to this (kids) category at present and we want to tap into the growing demand,” Todi told businessline.
The economy or mass segment accounted for nearly 48 per cent of the company’s turnover in volume terms and nearly 33 per cent in value terms in 2022-23. The company had posted a total turnover of ₹2,368 crore during the year ended March 31, 2023. The semi-premium category accounted for nearly 41 per cent in volume and 52 per cent in value terms while the premium segment accounted for 11 per cent by volume and 15 per cent in value terms of the company’s total turnover, according to the latest investor presentation.
“We are bullish about growing our Lux Cozi brand. We have gone for brand endorsements and that has helped us gain market share. We are hopeful of growing it into ₹1,000-crore brand up from the current ₹600 crore in the next three years,” he said.
Lux, which occupies nearly 15 per cent share in the men’s organised innerwear market at present, is also hopeful of growing the womenwear segment and has identified it as one of the growth drivers. It has launched a range of women’s innerwear and outerwear products under the brand Lyra.
The company is looking to grow the women’s wear segment by introducing new products that are comfort driven. The women’s wear range contributed to close to ₹400 crore during year ended March 2023 and is likely to touch ₹600 crore by FY25, the company said.
The company is also looking to grow the premium innerwear range under the brand ONN among others into ₹500 crore by FY25, up from the current ₹349 crore in FY23.