Innerwear manufacturer Lux Industries is looking at a turnover of Rs 575 crore in the current fiscal, up from Rs 450 crore last year, on the back of new product launches and an increased exports target.
The company is targeting an exports turnover of Rs 100 crore for the current fiscal. "We currently have a turnover of Rs 30 crore from exports. We are targeting a turnover of Rs 100 crore in the current fiscal from exports,” said Navin Todi, managing director of Lux Industries.
The company currently exports to Middle East, especially Dubai, and is exploring markets in South Africa and Europe.
“We wish to first consolidate our dominant position in order to extend lead over the nearest competitor and focus on developing markets. Also, the company’s research and development wing is working on new products to widen our customer base,” Todi said.
“New marketing initiatives are also in the pipeline to increase brand awareness. We expect to achieve a growth rate of 15-20 per cent,” Todi said.
According to Manoj Lunia, brand consultant of the company, the company is getting a lot of queries from Poland, the Czech Republic and Slovakia. “We are planning to set up a distribution base there," Lunia said.
The company is investing Rs 10 crore over two years to augment the current capacity.
At present, the company has 600 distributors, 10,000 wholesalers and 3,00,000 retailers spread across West Bengal, Maharashtra, Uttarkhand, Haryana, Delhi, Uttar Pradesh, Madhya Pradesh, Rajasthan, Bihar and Tamil Nadu. The company’s sales figure had risen from Rs 23.87 crore to Rs 55 crore in the last three years in West Bengal alone.
Among other plans, the company is also looking at increasing its market share to 20-25 percent from the present 10-15 percent, Lunia informed.
Lux Industries is listed in the Calcutta Stock Exchange and the company is planning to list in the national bourses -- Bombay Stock Exchange and National Stock Exchange in the next three years.
The company claims to have seen a growth of 40-50 per cent in sales after the appointment of Shahrukh Khan as its brand ambassador.
