22 December 2022, Mumbai
Innerwear brand VIP Clothing has sold its Umbergaon factory to fuel its growth plans in the Indian market.
This asset was felt to be idle and underutilized and the company felt selling it could help gain a substantial amount that could be then put to better use in the business. The funds raised will be utilised to scale the business with investments in production, technology, innovation, and marketing.
The company has made significant investments this year on expansion and diversification of its portfolio to gain a larger market share in the country.In the coming three years, VIP Clothing plans to cross the 100-store mark through the franchise and an exclusive brand model.
The production will now happen at a central location from the Thingalur factory which will be faster due to advance machinery and an enhanced production capacity with skilled labor.
VIP is one of India’s leading intimate apparel companies providing intimate wear to consumers across various segments under different brands. It has a pan-India presence with one of the largest distribution networks.VIP Clothing will launch new products across both online and offline channels. Since the online channel is growing faster and is going to be a key focus area, some products will be launched exclusively online.
