1. At a Glance
Lovable Lingerie Ltd (LLL) is that 90s Bollywood star who once ruled the screen but now shows up only in reality shows. With a market cap of ₹139 Cr, price at ₹94, and P/E 47x, the numbers scream “premium brand,” but the financials whisper “basement sale.” Sales have shrunk from ₹197 Cr (FY17) to just ₹43 Cr (FY25), operating margins are a comical –29%, and yet the company managed to show a ₹3 Cr profit thanks to “other income.” Basically, the lingerie business isn’t holding things up – it’s the financial jugglery doing the push-up job.
2. Introduction
Back in 1987, Lovable entered India when “lingerie” itself was whispered like Voldemort’s name. Fast forward, they bought exclusive rights to Lovable (premium), Daisy Dee (mid-market), and College Style (youth segment) — a portfolio that looked solid when malls were booming. They even had design studios and fancy lace imports from Europe.
But then came the reality check: competition from Jockey (Page Industries), Enamor, Triumph, Amante, and the bazaar of online-first brands (Clovia, Zivame). The lingerie aisle turned into a Bigg Boss house — too many players, too much drama, and not enough oxygen.
LLL’s revenue collapsed, factories turned into cost centers, and debt started peeking through the balance sheet. Yet promoters hold 64%, and the brand still sits in stores. The question: is this a comeback story or an obituary in progress?
3. Business Model (WTF Do They Even Do?)
LLL makes and sells women’s innerwear and sleepwear through three main brands:
- Lovable – Premium bras, panties, shapewear (think bridal, seamless, sports bras).
- Daisy Dee – Acquired from Maxwell, caters to mass market.
- College Style – Youth-oriented fashion innerwear.
Revenue breakup (FY23):
- Core lingerie & garments ~94%
- Interest income ~2%
- Investment sale gains ~5%
Manufacturing: 3 facilities – 2 in Bengaluru, 1 in Roorkee.
Distribution: Presence
