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Lux Group considers merging two unlisted firms
Feb '17
Lux Group is considering the merger of two unlisted firms - Ebell Fashions and J M Hosiery and Company- with the Group's publicly listed company Lux Industries Limited. A final decision will be made in the next few quarters. J M Hosiery owns the GenX brand, while the Lyra brand belongs to Ebell Fashions. Both brands collectively amount to Rs 350 crore.

The Group is evaluating the merger of the two unlisted firms with Lux Industries, said media reports quoting Udit Todi, senior VP at Lux Industries.

Listed Lux Industries currently owns 16 brands including Rs 650-crore brand, Lux Cozi. Cotswool and ONN collectively generate about Rs 300 crore, said Saket Todi, Group director, Lux Industries.

He added that out of Rs 1,300 crore generated by the Lux Group, Lux Industries generates Rs 950 crore. The company aims to have a turnover of Rs 2,000 crore by 2020.

Intimate wear will also be introduced under the women's brand Lyra for the mid-mass segment, said Todi.

He also spoke about the new Dankuni plant of the company and said that it is providing cost-effective benefits that ensured higher PAT for Lux Industries in spite of a drop in sales in the third quarter of this financial year owing to demonetisation. (KD)

Fibre2Fashion News Desk – India

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