Inanna Fashion and Trends Ltd. (Formerly known as Frontline Business Solutions Ltd.) is currently in the business of providing solutions for Human resource services. Diversification helps protect against major pitfalls of business downturns. This is the major reason that we are in the process of diversifying into the innerwear business. During FY 2010-2011, we had commenced the process for diversification by initiating the preferential issues. We had used funds from the preferential issues towards the purpose of diversification. We had made investments and provided advances to a couple of organisations. However, in spite of the efforts and due to several factors, the project was not able commence as initially planned.
The innerwear market currently valued at approximately 23,500 crore and is expected to grow to 43,700 crore by 2020E, growing at a CAGR of 13.2%. The Indian Innerwear Industry is highly dominated by the informal and unorganized players with a hold of a majority share of 65% of the market. However, improving Indian demographics and increased preference for proper fits, sizes, etc. lend credence to the growth of organized players in the Indian innerwear market. The Indian apparel market has been witnessing a shift towards the organized segment. The share of the organized segment in the overall pie is expected to go up to 40% in 2020E from 16% in 2010 and the same. Hence we are targeting to setup operations with the right mix of products so that we are able to capture a decent percent of the organized players market share.