VIP Clothing posts Q3 net loss of Rs 3 crore

VIP Clothing Ltd reported a net loss of Rs 3 crore ($3,61,297) for the quarter ended December 2023, as against net profit of Rs 5 crore in the year-ago period.

The company’s revenue for the quarter rose by 2 percent to Rs 45 crore, as against Rs 44 crore posted in the corresponding period of the previous fiscal year.

During the quarter, the company onboarded 20 new distributors to increase its market presence in target markets. It also launched 3 new products under the brand Feelings and Leader.

Commenting on the results, a company spokesperson in a statement said, “At VIP, we’re undergoing a transformational journey and our focused on maintaining our emphasis on sustainable sales practices while safeguarding our operating margins and enhancing overall operating efficiencies. Aligned with our objectives, we remain committed to improving consumer reach and experience, diversifying, and enhancing our product range, and driving operational excellence.”

“Our continuous efforts to augment our reach have not only strengthened our position in core markets but also allowed us to extend into new regions. We remain committed to allocating dedicated marketing resources for these new products, which will play a pivotal role in diversifying our revenue streams in the upcoming quarter,” the spokesperson added.

VIP Clothing Ltd is engaged in the business of manufacturing, marketing and distribution of men’s and women’s innerwear under the brand’s VIP, Frenchie, Feelings, and Leader.