Writing instruments manufacturer Luxor is planning to put its expansion plans back on track. The company has not able to reach its turnover target of Rs 300 crore this year and hopes to achieve the figure by the end of March 2011. At present, the company’s turnover is around Rs 210 crore, out of which Rs 70 crore comes from exports and the rest from the domestic market.
In addition, Luxor is also planning to ramp up its retail presence across India and increase its store count from 12 to 100 by the end of 2011.
Initially, the deadline for increasing the presence of Luxor Signature stores was set for 2008. “Our plans got affected due to the economic downturn and recessionary conditions. Now, things are looking up and we are going to be aggressive on our growth plans,” said D K Jain, chairman of Luxor group.
The company is planning to make an investment of Rs 100 crore to improve its retail presence. Luxor would also be increasing its manufacturing capacity by 50 per cent. The company has three manufacturing facilities in Noida, Gurgaon and Haridwar, which have a capacity to make one million pens a day. The company is developing one more facility in Haridwar that will be functional by the end of this financial year.
The company continues to have Amitabh Bachchan as the brand ambassador for its brand – Parker. The company will focus on increasing brand awareness for the mother brand Luxor this year.
Luxor is also developing a nine million square feet of IT/ITeS space under the company called Luxor Cyber City under its special economic zone (SEZ) project. The company also entered the hospitality industry by acquiring 50 per cent stake in Edenpark Hotels, which owns the four-star deluxe property, The Qutab, in New Delhi.
The company has also entered the lifestyle business with the Luxor Lifestyle Centre. The business is being led by Priya Jain, daughter D K Jain, chairman of Luxor.
Source: Financial Chronicle
