Nalanda Capital Pte Ltd, the India-focused private equity firm, has increased its stake in Mumbai-based Lovable Lingerie Ltd from the earlier 5.06 percent to 8.79 percent by acquiring 1,476,812 shares, the company said in a disclosure to the Bombay Stock Exchange (BSE).
The shares were acquired last month under the Nalanda India Fund Limited and the Nalanda India Equity Fund Limited, the statement said.
Incorporated in 1987, Lovable Lingerie is one of India’s leading women’s innerwear manufacturers, producing brassieres, panties, slips / camisoles, homewear, shapewear, foundation garments and sleepwear products.
In December 2000, the company acquired the brand “Lovable” form Lovable World Trading Company, USA on an exclusive basis for the territories of India, Nepal, Sikkim and Bhutan. The innerwear products manufactured under the brand “Lovable” cater to the premium segment market in India.
As part of its growth strategy, the company diversified its portfolio of brands and acquired brands like “Daisy Dee” from Maxwell Industries Limited through a memorandum of understanding in March 2004 to cater to the mid-segment market in India.
Subsequently in March 2009, the company acquired the brand “College Style” from Levitus Trading Limited, Hong Kong to cater to the young segment of India.
In the past, the company has also marketed the “Vanity Fair” brand of women’s innerwear garments, which was licensed from VF Corporation Inc., USA.
Lovable has three manufacturing facilities—two in Bengalure and one in Roorkee—which together have production capacity of 3.75 million pieces of brassiere and panties for annum. The company proposes to add another 2.5 million pieces per annum capacity through a project for modernization and integration at a new location in Bengaluru, according to the company website.
Net profit of the company was Rs. 44.139 million in the quarter ended September 30, 2013, compared to profit of Rs. 43.205 million in the corresponding quarter of the previous year.
In financial year 2012-13, the company registered net profit of Rs. 188.852 million.