Lyra set to foray into the market with lingerie and loungewear
Mumbai: Lyra, the pioneers of organized branded women legging brand in the mid to premium segment from the house of Lux, announced today that the company will be expanding the portfolio and venture into the lingerie and loungewear segment. Positioned as legging for anytime anywhere, the manufacturers of Lyra, Ebell Fashion Pvt. Ltd., a Lux group company will soon launch intimate wears for women under the same brand name.
Elaborating on the upcoming new collection, Mr. Udit Todi, Senior Vice President, Lux Industries Ltd, “Lyra today enjoys very high level of consumer awareness and consumer loyalty. Lyra has successfully established itself as the largest legging brand in the women wear segment. We are the market leaders in the legging category with highest brand recall in the organized retail or online space. Our legging business is growing by 50% a year and currently we command a market share of 38% in the mid to premium segment.”
He further added, “We plan to extend our brand portfolio to intimate wears like lingerie and loungewear for women. With our more than 5000 strong retailers and distributors across India we plan to reach out to our discerning customers. In the online space, in addition to our own website, we will have tie-ups with leading e-commerce sites to sell our new products. We will be competitively pricing the products keeping in mind the price sensitivity of the Indian consumers.”
With the influx of branded apparels, the women’s wear market has been growing at 15 to 20%. By 2018, women’s branded apparel will capture 41% of the $68 billion domestic textile market. Lyra is all set to establish itself as a complete women wear brand with the launch of new products. Lyra lingerie and loungewear will be positioned in the market as the affordable fashion collection. The company will be targeting the self independent emancipated woman who prefers to own a good product at a decent and affordable price for those who like to be in style and are fashion conscious and also looking at comfortable and right priced products.