Modenik Lifestyle, the entity formed after the merger of innerwear companies Dixcy Textiles and Gokaldas Intimatewear, plans to double its turnover in the next two years by creating synergies and leveraging the strength of two companies, the company’s executive chairman Sunil Sethi told Moneycontrol in an interview.
The two brands, Dixcy in the men’s innerwear segment and Enamor in the women’s intimate wear space, will henceforth focus on expanding distribution, strengthening supply-chain and other front-end and back-end processes.
“Dixcy is available in 100,000 stores while Enamor only in 4000 stores; now we can use Dixcy’s presence to expand Enamor. Similarly, our manufacturing and supply chain will be riding on each other,” said Sethi.
E-commerce, for instance, he added, is an area where Enamor’s learnings can come in handy for Dixcy, which still has limited sales coming from the online channel.
According to Sethi, Enamor draws about 25 percent of its sales from e-commerce now as opposed to the single-digit contribution of the channel in the pre-pandemic period.
The brands, said Sethi, will take inspiration from each other to deliver more fashionable products.
Dixcy Textile and Gokaldas Intimatewear, which owns Enamor were merged earlier this month. Both the companies were owned by Advent International, and as a result, the merged entity now is owned by the private equity firm. Advent International had acquired a 60 percent stake in Dixcy Textiles in 2017 and the rest 40 percent in 2019. It had also acquired Gokaldas Intimatewear in 2019.
With the merger, the company is also now planning to tap other consumer segments and will soon launch Dixcy Scott Maximus, which will cater to the mid-premium segment. Currently, it has Dixcy Scott Originals and Josh by Dixcy Scott in the mass segment. Enamor (in the women’s innerwear category) caters to the mid-premium segment, while Slimz is positioned in the mass segment. The company also has an exclusive licensing agreement to manufacture and distribute Levi’s innerwear in India.
The company, said Sethi, would look at adjacencies in the two businesses and might explore other categories such as kidswear, where they have limited presence at the moment. The focus of the business, however, would remain core categories of innerwear, thermal wear and casual wear or athleisure.
Modenik Lifestyle competes with Page Industries, the exclusive licensee of Jockey International in India and several other companies in the men’s and women’s intimate wear segment such as Rupa Company, Dollar Industries, Actoserba Active Wholesale, Purple Panda Fashions etc. Of late, the women’s innerwear market has been witnessing much action with the emergence of start-ups such as Actoserba Active Wholesale that owns Zivame, Purple Panda Fashions (Clovia) etc. Reliance Retail, too, has taken a keen interest in the segment and acquired Amante brand from Sri Lanka-based MAS Holdings. Earlier last year, Reliance Branda, another subsidiary of Reliance Industries, had acquired a minority stake in Actoserba Active Wholesale, which owns and operates online lingerie store Zivame.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
