Lux Industries on Tuesday launched a new product in its innerwear category by presenting Indiaâs first scented vest range under their flagship brand Lux Cozi.
The company, with the new product launch, expects a growth of 10% in its Lux Cozi category and 5% of the overall growth of Lux Industries. The company sees an overall growth of 15% in FY 19-20 by expanding its product segments. The brand is also focusing to create an online presence through e-commerce and traditional retail formats.
Speaking with BestMediaInfo.com about the marketing strategy of the brand, Navin Todi, Senior Vice-President, Lux Industries, said, âThe idea of showing heroes, models and women getting attracted to them in a brandâs advertisement is not redundant because a consumer purchases a product when they like a brand or the ambassador and not completely by seeing the commercials. Any celebrity who endorses the product first understands the product, and only then endorses the brand. A brand ambassador is a face to make the brand fresher every year and increase the brandâs goodwill and market strategies.â
The company has Bollywood star Varun Dhawan as its brand ambassador for the Lux Cozi line.
To catch the growing online audience, the company has increased its digital ad budget by 6%.
âWe have noticed a lot of changes over the past years. Today the consumer spends a lot of time on social media networks. So we are also making a shift towards digital platforms. We are on the go for every plan that concerns the mass of the country, especially the youth. IPL being the biggest craze, we are in that too. We have increased our digital spends to 6% from last year. Although our highest spends are on TV, then digital and lastly print,â pointed out Todi.
According to Todi, Rs 30 crore is the total marketing budget for its scented vest segment. The allocations are 50% for TV, 15% on wall paintings, 10% on digital and the remaining on print. Apart from this, the brand is planning to invest in reality shows and mega events.
The brand targets to increase its market share by launching new innovative products in the affordable price range, âWe have the highest share of the market by introducing new product segments and by bringing in new innovations in the market, we focus to increase it more,â added Todi.
Among the entire product categories of Lux Industries, Lux Cozi has the highest market share. Madhya Pradesh is its biggest revenue generating market.
He said they are expecting a 15% overall growth this year for the brand and plan to launch new product segments.
Speaking on the importance of a brand ambassador, Todi said, âA brand ambassador adds value to the brand. It gives a brand a fresh appeal. In India, this marketing type is very effective. One can market without a brand ambassador but in India, we need a face and a brand ambassador is a must.â
According to Todi, a brand ambassador should be selected keeping the product segment in mind and see that how well the celebrity can resonate with the brand and its products and how much is he/she is a mass person. The ambassador should be a youth icon, fresh, young, energetic and Varun has all the qualities.
A lot of niche and foreign brands have entered the market and are wooing consumers with modern and personalised communication. How do they intend to combat this kind of competition? âWe have more market share and goodwill in comparison with such brands and so there is no competition,â he concluded.