Advent-backed Modenik bets on legacy innerwear brands to fight Page, Reliance in India
Modenik Lifestyle is expanding exclusive stores beyond 100 and pushing premium brands Enamor, Dixcy Scott, Slimz and Levi's. FY25 revenue hit ₹1,224 crore as net loss narrowed to ₹24.8 crore from ₹50.8 crore, with e-commerce now over 30% of Enamor's revenue amid rising competition.
What happened
Advent-backed Modenik Lifestyle bets on legacy innerwear brands Enamor, Dixcy Scott, Slimz and Levi's, expanding exclusive stores beyond 100 and premium
Key facts
- FY25 revenue ₹1,224 crore
- net loss ₹24.8 crore from ₹50.8 crore
- 100+ exclusive outlets target
- women's innerwear market ₹20,000 crore
- organised brands ₹3,000-4,000 crore
- total market ₹90,000 crore ($10.9bn)
- 6-7% CAGR
- E-commerce >30% of Enamor revenue
- 6,000-7,000 MBOs
- ~80 exclusive stores
Why this matters
Modenik's legacy-brand consolidation play (Enamor, Dixcy Scott, Slimz, Levi's) positions it as a roll-up vehicle in fragmented Indian innerwear, worth tracking for further brand acquisitions or partnership deals.
What to watch
- FY26 net loss trajectory and timeline to breakeven
- Enamor e-commerce revenue share crossing 35-40%
- Page Industries and Reliance Trends innerwear pricing/promo moves
- Advent funding round, secondary sale, or IPO chatter
- Same-store sales growth vs new-store dilution as count exceeds 100
- Accelerate exclusive brand outlet rollout past 100 stores in tier-2/3 cities
- Deepen Enamor's D2C and marketplace presence to push e-com mix above 35%
- Premiumize Dixcy Scott and Slimz to lift ASPs against Jockey/Reliance value tiers
- Tighten working capital and inventory to compress the remaining ~₹25cr loss