BSE listed(532022) Filatex Fashions Ltd., engaged in the manufacture and sale of knitted socks at its State of art manufacturing unit located at Hyderabad having ultra modern ,latest machinery from Korea and Italy with In-house R and D facilities, has informed the Exchange that its board has approved Raising of funds through issuance of Foreign Currency Convertible Bonds (FCCBs) not exceeding USD 100 mn on private placement basis.Also the board has approved expand and strengthen the existing Business in the manufacture of premium quality socks by capacity enhancement/ further modernization/l and expansion into production of other garments and allied products.
The company is on Growth path with various new orders from Leading Brands. Filatex Fashions is the major supplier of socks of various sizes and designs to reputed companies and brands like Maxwell (VIP Group), Fila India, Adidas, Park Avenue, Tommy Hilfiger, Metro etc. Filatex has also been producing socks for the license holders like Walt Disney, Warner Brothers, Planet, Mickey Mouse, Simpsons and 32 other licentiates. Other brands include Bella, etc. Filatex enjoys good credentials with all its customer as it is catering to all kinds of segment like children, girls, school boys, official, premium quality and export quality etc. The company is also major supplier to E-commerce giants like Amazon, Flipkart, Snapdeal, Shop clue etc. The company not only delivers quality products to above brands, but also have its own brand “Tuscany” ; “Smartman” which are getting good traction from consumers in India.
The company has also produced for other reputed brands like Mark & (Spence), Hugo Boss, Giovanni, Primavera and many top labels of the European fashion world
The company is on expansion spree and is looking for both organic and inorganic growth opportunities , more particularly in other developing countries including Indian subcontinent and Africa.Earlier last month,Mauritius based Eriska Investments Fund Ltd had picked up 7 lakh equity shares via bulk deals.