26 September 2022, Mumbai:
Innerwear major Lux has drawn up plans to increase the turnover of its flagship brand Lux Cozi from Rs 700 crores to Rs 1,000 crores by the fiscal year 2025.
As part of this plan, the company will beef up its presence in regional markets and engage regional celebrities as ambassadors of the brand. To begin with, Saurav Ganguly, the former captain of the Indian cricket team, will be the brand ambassador for Lux Cozi, this would help the brand connect with potential customers in an effective way.
The next target is the southern markets of the country and the plan is to penetrate this market through regional brand ambassadors.
The Rs 2,300 crore company will in a few months enter the boys’ segment with innerwear as this is mostly an untapped market.
The company’s business through e-commerce platforms like Amazon, Flipkart, and Myntra has gone up substantially, from Rs 8 crores in fiscal 2020 to Rs 50 in fiscal 2022. The company is growing at an annual rate of 12 percent and is hopeful of maintaining this growth for the next five years.
