Advent-backed Modenik bets on legacy innerwear brands, exits outerwear in India's ₹90,000 cr battle
Modenik Lifestyle is doubling down on Enamor, Dixcy Scott and Slimz while exiting outerwear, planning 100+ exclusive stores. FY25 revenue hit ₹1,224 cr with net loss narrowing to ₹24.8 cr from ₹50.8 cr, even as Page, Reliance, ABFRL and Trent crowd the space.
What happened
Advent-backed Modenik Lifestyle is doubling down on its legacy innerwear brands (Enamor, Dixcy Scott, Slimz, Levi's), exiting outerwear to focus on innerwear,
Key facts
- FY25 revenue ₹1,224 crore
- net loss ₹24.8 crore from ₹50.8 crore
- revenue flat ~₹1,200 crore over 3 years
- 100+ exclusive outlets near term
- Enamor in 6,000-7,000 multi-brand outlets
- ~80 exclusive stores
- e-commerce >30% of Enamor revenue
- innerwear market ₹90,000 crore ($10.9bn)
- women's innerwear market ₹20,000+ crore
- organised brands ₹3,000-4,000 crore
- 6-7% CAGR
Why this matters
The outerwear exit and EBO push create a cleaner, more focused innerwear-pure-play that could appeal as a consolidation target or bolt-on in India's ₹90,000 cr battle dominated by Page, Reliance, ABFRL and Trent.
What to watch
- FY26 revenue breaking above ₹1,300 cr signals growth reignition vs flat trap
- EBO count milestones and per-store economics disclosures
- Gross margin movement post outerwear exit
- Advent funding rounds or stake-sale chatter signaling exit timeline
- Page/Reliance pricing or distribution moves in mass innerwear
- Accelerate Enamor EBO rollout in tier-1 metros while using Dixcy Scott for mass-market value tier
- Reinvest outerwear exit capital into D2C and omnichannel for higher-margin direct sales
- Push athleisure-adjacent innerwear to defend against Jockey/Page premium segment
- Tighten working capital and inventory to sustain loss-narrowing trajectory