Lakshmi Mills enters readymade garment segment with Tyche Life

New Delhi, Oct 5 (UNI) Southern textile major Lakshmi Mills Company Ltd has forayed into the booming readymade garments retail market segment with the launch of its own western casual wear brand 'Tyche Life'.

The 96-year-old Tamil Nadu-based textile company has three state-of-the-art yarn mills in Coimbatore, Palladam and Kovilpatti and has already pumped in Rs 60 crore, arranged under the Technology Upgradation Fund Scheme (TUFS), in setting up new plant and machinery to modernise the units in first phase.

Sharing the launch plans of Tyche Life, Mr N Jaychander, Vice President, Operations of Lakshmi Mills, said ''Tyche Life clothing is made of finest soft yarn from imported Lenzing micro-modal fibers with blended cotton manufactured in technical guidelines with Lenzing Ag, Austria.'' The logic behind such naming of the product, he said that Tyche means, Greek goddess of prosperity and fortune which is synonyms with Lakshmi, the Indian goddess of wealth and prosperity.

Tyche Life presents 100 per cent natural Lenzing micro-modal blended with cotton as an ideal fiber combination for soft, comfortable knitted fabrics, with outstanding breathability and easy care properties. The soft fabric quality gives a touch of luxury, next best to skin, said Mr Jaychander, adding that the company is also exploring the various possibilities of exporting micro-modal and cotton blended fabrics and garments to European countries.

The product carries a price tag in the range of Rs 400-1000.

Disclosing the marketing plans, he said ''We will sell our products through wholesale and retail multi-branded outlets and large format chain stores across the country and we propose to have our products available at around 800 outlets by the end of fiscal 2007.'' The emphasis is on comfort, latest fashion with an uncompromising commitment to quality. Tyche Life garments are tested at Lenzing laboratory in Hongkong and awarded quality approved swing tags as given to European market.

Tyche Life garments, a rare combination of international quality and affordable prices, are targeted at young men, women, girls, boys, children and special super software for new born babies.

Inspired by European and Canadian concepts, Tyche Life is designed by its own in-house team which is committed to provide new high fashion design within every 45-60 days, Mr Jaychander said.

Lakshmi Mills has set a target to achieve a turnover of over Rs 175 crore during the current financial year including Rs 10 crore contribution by Tyche Life products compared to Rs 125 crore last fiscal.

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