Lovable Lingerie is a brand house that makes its own products - a focused Indian manufacturer of women’s innerwear and lingerie, built around two owned labels it has controlled for over 25 years. Incorporated in 1987 and listed in 2011, the company has spent its life converting India’s cotton abundance and competitive labour into branded intimate apparel sold entirely at home, with no exports and no subsidiaries. The recurring approach that explains everything else is brand-led pricing power: the company designs, manufactures and markets its own labels, believing that strong brands let it pass rising raw-material costs straight through to the consumer. # Business segments A single-engine brand house - one manufacturing-and-marketing operation that designs, produces and sells intimate apparel under two owned labels to the domestic Indian market. ## 1. Branded innerwear: a two-label factory-to-consumer engine **The company makes and sells its own lingerie and sportswear under the Lovable and Daisy Dee brands through a multi-channel Indian network, earning revenue only when goods are delivered - no exports, no middlemen brands.** - **Two brands, two price tiers** - Lovable is the premium and classic innerwear line, while Daisy Dee reaches into athleisure, sports and everyday comfort, together covering the mass-to-super-premium spectrum the company has been deliberately expanding into. - **Design is the differentiator** - collections are refreshed with specific product launches such as the wireless CB#L0524 bra, the leak-proof period panty under Daisy Dee, and the “Lovable Essensuals Panties” sub-brand aimed at the mass segment, keeping the range responsive to fashion-sensitive domestic buyers. - **Sold through distributors, stores and screens** - the go-to-market model rests on a network of distributors, stockists and retailers, supplemented by sales on leading e-commerce marketplaces and dealer apps that connect directly with trade partners. - **Pricing power is the stated moat** - management’s consistent thesis is that the brands are strong enough to pass raw-material cost increases on to consumers, which is the engine’s central economic logic. - **India-only, by design** - foreign-exchange earnings from exports have been nil for the current year and the previous year, making the business a pure play on domestic demand drivers such as rising urban female workforce participation and brand consciousness. ## 2. Owned manufacturing: the in-house production backbone **The company runs its own South Indian factory network with automated machinery, giving it direct control over quality and cost in a labour-intensive industry.** - **Consolidated plant footprint** - manufacturing has been streamlined by closing the Kagllipura and Erode units and shifting operations to the Thalagatpura facility, a move aimed at raising capacity utilisation and cutting operational costs. - **Roughly 8.3 million units of annual capacity** - the Erode plant alone can produce 25 lakh (2.5 million) units a year, which the company states is about 30% of its total capacity, implying a group-wide capability of approximately 83 lakh units. - **Automation in a labour-heavy trade** - state-of-the-art automated cutting and fabric-inspection machines sit alongside an energy-efficient boiler, yet the products are not power-intensive, with electricity consumption at just 0.06 units per unit of production. - **Raw materials are the pinch point** - key inputs include cotton, polyester, silk and viscose, and the company flags the availability of raw materials at reasonable rates as a main concern, though its import bill is tiny (a few lakhs of rupees a year). - **Workforce trained under government scheme** - training centres at various units are assisted by the Government of India’s ‘Samarth’ scheme for upskilling, helping address the chronic shortage of experienced labour in a sector that employs roughly 45 million people nationwide. # Group structure and partners **A standalone, promoter-led Indian company with no subsidiaries or joint ventures - just one listed entity, a six-person board, and a handful of related-party sales channels.** - The company has no subsidiaries, joint ventures or associate companies, making it a pure standalone operation domiciled in Mumbai. - Promoters held roughly 64% of shares as of March 2020, and the board comprises six directors - three independent, one non-executive and two executive - led by Chairman and Managing Director L. Vinay Reddy, who has been with the business since its 1987 inception. - Related-party sales flow to Juvenca Online Pvt. Ltd and Microtex Clothing Private Ltd, entities where key management personnel exercise significant influence, forming part of the domestic distribution fabric. - The statutory auditor, DMKH & Co., is appointed for a five-year term through to the 2027 annual general meeting, while the registrar and share transfer agent is MUFG Intime India Private Limited.