Innerwear manufacturer VIP Clothing may hike the prices of its product range by 15 per cent in the coming months.
“There is a high chance of a price hike for our products. The increase in the rate of yarn and paper cost used of packaging material, which changes on a daily basis, are the two major factors leading to price hike,” said Sunil Pathare, Chairman and Managing Director, VIP Clothing Ltd.
Even as there is an increased inflationary pressure on the brand, VIP Clothing Ltd. is betting on the demand for branded innerwear amongst consumers.
He further added “We hope to increase our revenue by 30 per cent this year, mainly by expanding to new Tier-1 and Tier-2 cities.”
The brand retails mainly through its distributor channels, followed by wholesale channels and also modern trade.
VIP Clothing (formally known as Maxwell Industries Ltd.) is present in 25,000 retail stores across India and plans to expand to 40,000 stores in FY’23.
