Share Market Live

NSE

VIP Clothing announced that it has raised Rs 10 crore by selling its factory in Gujarat’s Umbergaon. The capital gained by selling the asset will now be utilised for production, technology, innovation, and marketing.

The company said that production will now happen at a central location from the company's factory in Tamil Nadu’s Thingalur, which will be faster due to advanced machinery and 4x production capacity with skilled labour.

Last week, Sunil Kumar Alagh, former Managing Director and Chief Executive officer of Britannia Industries, joined VIP Clothing as a Strategic Advisor.

Formerly known as Maxwell Industries, VIP Clothing is a leading innerwear brand in the country with a legacy of over 52 years.

Currently, VIP Clothing has five brands – VIP, Frenchie, Feelings, Leader, and Brat – and each brand has its own identity and classification. The product offerings cater to the men, women, and kids segments.

The core offerings are innerwear products that the company is now extending to outerwear for men and women as well as accessories.

Shares of VIP Clothing are trading 2.63 percent lower at Rs 50.05.

(Edited by : Rukmani Krishna)