Lux Industries to expand focus on modern trade and e-commerce activities
19 August 2024, Mumbai
Lux Industries plans to expand its market presence by focusing more on modern trade and e-commerce to strategically broaden its reach in established markets.
The company reported an impressive 89 per cent increase in net profit to Rs 35 crore ($4.2 million) in Q1, FY25 spanning Apr-June ’24, compared to Rs 18 crore in the same period last year.
The company's revenue for the quarter rose by 3 per cent to Rs 535 crore from Rs 521 crore in the corresponding quarter of the previous fiscal year.
During this period, Lux Industries launched its new rainwear range under the brand ‘Lux Venus’ and opened an exclusive Onn brand outlet in Bengaluru. Additionally, the company’s manufacturing facility at Jagadishpur, Hosiery Park in West Bengal, became fully operational, enhancing its production capacity.
Despite facing inflationary pressures, Lux Industries' power brands performed strongly, with menswear brands showing notable volume growth. However, the company noted that consumption demand was affected by factors such as elections, inflation, and irregular weather patterns across the country.
