Hosiery major Lux Industries has said its stake in Artimas Fashions Private Limited (AFPL) which is the licensee of Indian cricket captain Virat Kohli’s innerwear brand, was reduced from 100% to 50.87%.
The hosiery manufacturer also said the AFPL, which was the wholly-owned subsidiary of the company, has become a subsidiary with the dilution of its stake.
In a regulatory filing to the stock exchanges, Lux Industries said the company has “made further investment” in AFPL and “since other investors have also made investments in AFPL, the stake of the company has reduced from 100 per cent to 50.87%”.
The company did not disclose the identity of the other investors in AFPL which had entered into a tie-up to manufacture and market the male innerwear brand ‘one8’, promoted by Kohli.
The Kolkata-headquartered Lux Industries had said it was targeting the ₹5,200 crore mid-to-premium segment of the innerwear market with the brand.
Source: Mint