Lovable Lingerie Ltd - Stock Valuation and Financial Performance

Lovable Lingerie Limited was originally incorporated as Hybo Knit Private Limited on September 29, 1987. The name of the company was subsequently changed to Lovable Lingerie Private Limited on November 30, 1995 and changed to public limited company pursuant to the special resolution passed by the members of the company on February 8, 2010. The company has filed an application with the RoC dated August 21, 2010 for rectification of the company’s name from “Lovable Lingeries Limited” to “Lovable Lingerie Limited”. From the date of commencement of commercial operations of the company, the production capacity of the company has increased from an initial installed capacity of 70,000 pieces per annum to manufacture brassieres and panties to 67.50 lacs pieces per annum to manufacture brassieres and panties. Its registered office and corporate office is located at A - 46, Street No. 2, MIDC, Andheri (East), Mumbai - 400 093, Maharashtra, India.

Business profile:

Lovable Lingerie Limited is one of India’s leading women’s innerwear manufacturers. Its products include brassieres, panties, slips / camisoles, home wear, shape wear, foundation garments and sleepwear products. On December 26, 1995, the company was licensed the brand “Lovable” from Lovable World Trading Company, USA. Subsequently, by an agreement dated December 23, 2000, the company acquired the brand “Lovable” from Lovable World Trading Company, USA on an exclusive basis for the territories of India, Nepal, Sikkim and Bhutan. The innerwear products manufactured under the brand “Lovable” cater to the premium segment market in India.

Lovable and Daisy Dee are its flagship brands. Its brand Lovable is amongst the top three most preferred brand in women’s innerwear in India. As part of its growth strategy, the company has diversified their portfolio of brands and acquired brands like “Daisy Dee” from Maxwell Industries Limited through a memorandum of understanding dated March 18, 2004 to cater the mid segment market in India and also acquired the brand “College Style” from Levitus Trading Limited, Hong Kong through a deed of assignment dated March 17, 2009 to cater to the young segment of India. The company has also in the past marketed the “Vanity Fair” brand of women’s innerwear garments, which was licensed from VF Corporation Inc., USA.

Milestones

 2010
Conversion of the Company from a private limited company to a public limited company.
 Company established another manufacturing unit in Roorkee, Uttarakhand, which began commercial operations in February 2010.
Company entered into a joint venture agreement dated July 15, 2010 with Lifestyle Galleries of London Limited (UK).
Total installed capacity increased from 60 lac pieces per annum to 67.50 lac pieces per annum.

2009
Company entered into deed of assignment dated March 17, 2009 with Levitus Trading Limited (Hong Kong) to acquire the trademark ‘College Style’.

2007
Management withdrew the scheme of amalgamation with Maxwell Industries Limited
Company discontinued manufacture of products under the ‘Vanity Fair’ brand.

2006
Management approved the scheme of amalgamation with Maxwell Industries Limited
Total installed capacity increased from 50 lac pieces per annum in 2005 to 60 lac pieces per annum in 2006.

2005
The total installed capacity increased from 26 lac pieces in 2004 to 50 lac pieces in 2005.

2004
 Company entered into a memorandum of understanding dated March 18, 2004 with Maxwell Industries Limited to acquire the brand ‘Daisy Dee’ with effect from April 01, 2004.

2002
Company entered into a memorandum of understanding with Vanity Fair, Inc to acquire the license for the brand ‘Vanity Fair’ with effect from July 2002.

2000

Company entered into an agreement with Lovable World Trading Co, Inc. (United States of America) on December 23, 2000, to acquire the ownership of the brands ‘Lovable’ and ‘Celebrity’.

1995
Entered into a license agreement with Lovable World Trading Co, Inc. (United States of America) dated December 26, 1995 whereby our Company was given a non-transferable, non-assignable exclusive license to use the trademarks ‘Lovable’ and ‘Celebrity’ within the territories of India, Nepal, Sikkim and Bhutan, for manufacture and/or distribution and/or sale of all women’s garments including undergarments.
The name of Company was changed from Hybo Knit Private Limited to Lovable Lingerie Private Limited.
Commenced commercial operations by setting up a manufacturing unit in Bengaluru with an installed capacity of 70,000 pieces per annum.

1987
Incorporated as Hybo Knit Private Limited