Filatex Fashions on expansion spree

Hyderabad: A city-based knitted socks maker Filatex Fashions Limited on Thursday said it has written to the stock exchange about receiving approval from its board to raise funds. The funds will be raised through issuance of Foreign Currency Convertible Bonds (FCCBs) on private placement basis, which will not exceed USD 100 million. The funding will be utilised towards expansion and strengthening of its existing business.

Filatex manufacturing unit at Hyderabad has machinery imported from Korea and Italy, besides, an in-house research and development facility. The company said it is on growth path after receiving various new orders from leading brands. Hence, the maker of premium quality socks is looking at enhancing manufacturing capacity, further modernization and expansion into production of other garments and allied products.

Filatex Fashions is the major supplier of socks of various sizes and designs to reputed companies and brands including Maxwell (VIP Group), Fila India, Adidas, Park Avenue, Tommy Hilfiger, Metro among others. Also it has been producing socks for license holders such as Walt Disney, Warner Brothers, Planet, Mickey Mouse, Simpsons and 32 other licentiates. The company has major supply going to e-commerce giants like Amazon, Flipkart, Snapdeal, Shop clue and others. Moreover Filatex produces socks under its own brand Tuscany and Smartman.