VIP Clothing Ltd, the makers of leading inner wear brands, has proposed to raise ₹50 crore through rights issue to meet its working capital expansion.

“We have received the sanctions from the Board for the issue of equity shares and is awaiting for all necessary regulatory approvals in this regard”, Sunil Pathare, Chairman and Managing Director, VIP Clothing Ltd said.

Speaking to Business Line on the sidelines of the launch of its new range of VIP Regal and Frenchie casual in Kerala, he said the size of the inner wear brand in the organised segment is estimated at ₹15,000 crore and and with few players, the premium segment is growing at 15 per cent.

In this growing market, he said VIP Clothing – the loved brand for many years – is looking at doubling its share by next year.

The ₹250 crore company is also catering to overseas market in a big way by shipping to more than 10 countries and 10 per cent of the turnover comes from exports.

Asked why Kerala has been chosen for the national launch of new collections, Yogesh Tiwari, the company’s CEO said the State is one of the most important market contributing 6-7 per cent of the total turnover. “We are launching our new collections exclusively in these regions and aims to strategically maximise the outreach at Pan India level in the days to come”, he said.

Taking into account the changing needs of customers, the company is now focusing more on wearable fashions, he added.

The new collections in Kochi was unveiled by renowned Malayalam actor Sudev Nair at a function held on Thursday.

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