Shares of Vip Clothing fell after selling its Umbergaon factory for Rs 10.4 crore | Popgen Tech

VIP Clothing has announced that it has raised Rs 10 crore by selling its Umbergaon factory in Gujarat. The capital generated from the sale of the asset will now be used for production, technology, innovation and marketing.

The company said that production will now be centrally located from the company’s factory in Thingalur in Tamil Nadu, which will work faster with advanced machinery and 4x production capacity with skilled manpower.

Last week, Sunil Kumar Alag, former managing director and chief executive officer of Britannia Industries, joined VIP Clothing as a strategic advisor.

Formerly known as Maxwell Industries, VIP Clothing is the country’s leading innerwear brand with a heritage spanning over 52 years.

VIP Apparel currently has five brands – VIP, Frenchie, Feelings, Leader and Brat – and each brand has its own identity and classification. The range of products is intended for men, women and children.

Core offerings are innerwear, which the company is now expanding into outerwear for men and women, as well as accessories.

Shares of VIP Clothing are trading 2.63% lower at Rs 50.05.