Lux cozy targets $100 million revenues from womenswear brand Pynk in five years
Leading men's knitwear and textile brand, Lux Cozy hopes its womenwear brand Pynk will reach the $100 million mark (approximately Rs 800 crore) within the next five years. The group also anticipates its flagship brand, Cozy, will soon hit the $125 million mark (approximately Rs 1,000 crore).
Saket Todi, Executive Director, Lux Industries, says, Pynk will officially launch nationwide starting May 1. The brand had a soft launch in Kolkata, Ahmedabad, Mumbai, Pune, Varanasi and Jaipur in January which received a positive response. The group now aims to generate $15.6 - $16.25 million in revenue from Pynk in its first year of operation. This is projected to increase to $35 - $37.5 million in the second year. By 2029-30, the brand aims to grow its revenues to $93.75 - $100 million. Besides, the brand also plans establish 200 distributors across India, he adds.
Pynk would be the first women's fashion wear brand available in the general retail sector, notes Todi. The price point for the brand will be between $6.25 and $12.50, which would be the most affordable option in this category, he explains.
The company plans to invest $2.875 - $3.125 million in promotion and has signed Shraddha Kapoor as Pynk's brand ambassador. Cozy would be the first mid-premium brand in its category in the country to reach the $125 million milestone, Todi adds.
