Libas Consumer Products Ltd announces rights issue, launches bamboo based Organic Innerwear brand KNG

New Delhi [India], September 26 (ANI/PNN): NSE-listed, Libas Consumer Products Ltd is on fast track with several major diversifications whereby it has launched 'KNG brand Organic Innerwear' which are made of bamboo fiber, supposed to replace regular innerwear due to sustainable and non-allergic factor.
KNG brand will be retailed exclusively on its website and few products of organic innerwear will be retailed through online multi-channel such as kng.ltd, Amazon, Flipkart, Myntra, Snapdeal, Meesho, Paytm Mall, Nykaa Fashion, Shopclues, etc.
With the current size of the Indian inner wear or under wear market is Rs 15,870 crores (USD 2.9 billion) which is expected to grow on a fast pace,KNG will be a clear winner.
The company has just launched its first commercial store targetting middle class market in the hub of Bur dubai a commercial city in the middle East the company proposes to expand its foot print in the middle East with stores in Bahrain and Abu Dhabi also supplying uniform s to the 500 plus hotels opened in the after covid 2020 Libas is a lead supplier of accessories and uniform s to hotels like the Atlantis
Post Covid, the wedding season in India is booming with stalled weddings for the last 2 years Riyaz Gangji Libas is all set to take advantage of all stalled weddings in Maharashtra and UP, Delhi it also retails through its website
and
, Amazon, Flipkart, Snapdeal, Meesho, Paytm Mall, Shopclues, whereby Libas Consumer Products ltd would gain substantially due to the wedding season.
Last year, Libas Consumer Products Ltd had announced a third bonus issue in 3 years and 2 dividends in recent years.
Riyaz Gangji Libas has also signed an exclusive contract with Flex Wheeler, a bodybuilding legend, to retail in the USA and other parts of the world.
With these positive developments, profitability and revenues may rise substantially.
Big Renowned HNI investors are holding shares in Libas, giving a boost to its credibility.
The company has proposed to raise investment to open stores across India through franchise models.
The company has three production facilities in Mumbai, Delhi, Dubai.
In light of the on-going COVID-19 pandemic and due to the temporary slowdown faced in the current business segment, the company is diversifying and derisking its business by venturing into Online Segment of manufacturing and selling of goods .
The company's mother brand 'Libas' is considered as one of the most reputed ethnic wear brands in India.
The other brands of the company include Libas Riyaz Gangji, Libas Reshma Gangji, Gangji Jewels and KNG, Reshma Riyaz gangji Libas.
Libas is the preferred label amongst stars in the Indian Film Industry. Many Celebrities who have endorsed the company by wearing outfits designed Libas including, Amitabh Bachchan, Salman Khan, Zarine Khan, Zeenat Amaan, Anil Kapoor, Jacqueline Fernandes, Sonu Sood, etc.
Music Maestro A.R. Rehman's first international video makeover had clothes designed by Libas.
The global ethnic wear market size was valued at USD 77.6 billion in 2020 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.3 per cent from 2021 to 2028. There has been a high demand for ethnic wear of various countries across the world because of globalisation, movement of culture & tradition in conjunction with individuals visiting and staying in numerous countries.
Expansion into the international markets would expand cultural activities and wants desired by the company to serve various markets in the global world.
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