“We are very pleased to end FY19 on a positive note. With mounting need for quality and comfort along with fashion in the innerwear industry, there has been a major shift in the industry and has helped the organised innerwear segment to gain its market share from the unorganised players,” said Ashok Kumar Todi, chairman, Lux Industries in a company press release. “Today people look for brands which provide innovative product lines and optimum style without compromising on quality and comfort. Lux Industries has been in the forefront creating milestones within the hosiery industry and taking the brands across national and international borders by identifying such market needs and deliver products which are widely accepted.
“Lux Industries continues to expand its portfolio into high value and niche segments. Our agreement with CSE Consultancy LLP, licence owner of brand One8 with our premium brand CNN to manufacture and market its products globally will help us increase our share in the premium portfolio. During the current quarter we are seeing good traction for the product in the market. On the merger front, we are in the process of evaluating various options to complete the merger of JM Hosiery & Co Ltd and Ebell Fashions Pvt Ltd with Lux Industries and expect it to be completed as soon as possible after meeting all the regulatory requirements and processes,” added Ashok Todi.
“Our focus has been to reduce our working capital requirements, and, for the year FY19, we have been able to significantly improve our operating cash flows. Our Operating Cash Flows for FY19 turned positive to ₹185 crore. Going forward, our aim is to reduce the working capital cycle further, said Pradip Kumar Todi, managing director, Lux Industries.
“Innovation is the key to success in every industry, and Lux Industries is no different. We have always focused on constantly launching new products to cater the change in consumer demands. During the current quarter we have launched India's first scented vest range under our brand Lux Cozi. To fight the rising mercury during summers the refreshing scented vests will be a landmark product in the men’s innerwear category,” added Pradip Todi. (PC)
Fibre2Fashion News Desk – India
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