Xyxx launches employee ESOP buyback scheme

Men’s western and inner wear brand Xyxx has launched a buyback scheme for its ‘employee stock ownership plan’, which it launched four years ago, to enable eligible employees to free up funds. 

“Announcing our first-ever ESOP buyback is a proud moment for the leadership team, and especially me,” said Xyxx’s founder and CEO Yogesh Kabra, ET Retail reported. “It reaffirms my belief in the collective success of team Xyxx and the pivotal role they have played in our growth story.”
 
Employees who have worked for the Xyxx business for over seven years in positions ranging from senior managers to heads of department and executives will be able to avail the ESOP buyback programme. The announcement marks a significant step in the business’ growth trajectory. 

Xyxx has a presence in more than 22,000 retail touch points across India. Along with its brick-and-mortar sales points, the brand also retails from its direct to customer e-commerce store. The business also recently reported a compound annual growth rate of 100%. 
 
Xyxx began as an inner wear brand and has since expanded its product offerings to include athleisure wear, lounge wear, and casual wear. The brand recently launched its new ‘Layered Luxe’ collection of lightweight zip ups, designed for busy modern lifestyles, Xyxx announced on Facebook.