Kolkata, September 22 Lux Industries Ltd is expecting close to 12 per cent growth in turnover at around ₹2,600 crore in the current financial year backed by a steady demand and the company’s plans to foray into the kids segment in a big way. The company’s turnover stood at ₹2,300 crore in 2021-22.
According to Saket Todi, Executive Director, Lux Industries, there is no national brand catering to the kids innerwear market and so there is a huge potential to grow the segment.
“We are diversifying into the kids segment as there are no pan India players in this market. There is a good potential and we want to tap into it so we are looking to launch products specific to this segment,” Todi told businessline on the sidelines of a press conference to announce the roping in of Sourav Ganguly as the brand ambassador of Lux Cozi here on Thursday.
Lux is currently known for products for the menswear segment but is looking to grow the women’s range to diversify its portfolio. The company had invested close to ₹120 crore for setting up a new manufacturing unit in West Bengal and it is expected to commence production this year.
The company is bullish about the growth in mid premium to premium brand Lux Cozi and through this collaboration with Ganguly, it aims to be able to create a deeper connect with its consumers.
Bringing Sourav Ganguly on board as a brand ambassador of Lux Cozi is a part of a groundbreaking marketing strategy by Lux with which the brand now aims at growing its market share further in individual territories. The company is hopeful of making Lux Cozi a Rs 1000 crore brand in the next three years.
“Lux Industries’ core business strategy includes openness to constant revolution and advancement in our product range and brand identity. As a result, we are thrilled to have Sourav partnering with Lux Cozi. We all hold Dada in the highest esteem, and his popularity continues to grow. We are confident his onboarding as an ambassador of Lux Cozi will help us to collaborate better with our consumers, both in urban and rural markets,” he said.