Le Lavoir Limited enters into agreement with Associated Hospitality Pvt Ltd

Le Lavoir Limited has entered into an agreement with Associated Hospitality Private Limited ("under brand name of AHPL") for providing wet cleaning, washing and dry-cleaning services to Fairfield by Marriott, Mumbai International Airport (Marriott) for a period of 2 years from the date of entrance into agreement. Under the brand name "Le Lavoir", the company is targeting to reach various institutions and also plans to enter the retail market segment to address consumer needs. Focused on expanding its reach on pan India basis, the company plans to open several other laundry units apart from its Mumbai facility over the coming years.

On the business outlook, Mr. Sachin Kapse, Managing Director of Le Lavoir Ltd said, "We are dedicated towards establishing Le Lavoir brand as a pan India commercial laundry services player after our firm footprint in Mumbai. Currently, Ibis Thane, Navi Mumbai, (Units of Interglobe Hotels Pvt. Ltd.), The Resort, Aksa Beach and The Mirador Hotel, Andheri (East), Mumbai are the prominent hotels being serviced for their commercial laundry requirements along with other hotels. Our next two financial years will see a growth of over 50% year-on-year with our current capacity that stands at 6 tons per day. We aim to increase capacity at Mumbai as well as add other locations to provide Laundry Services to the Hospitality sector and we aim to partner with more hotel brands where we shall provide our laundry services."

On the deal announcement, Mr. Milbern Sequeira, Director - New Initiatives, at Le Lavoir, exuberantly added, "We are excited to partner with the Marriott brand. Our Fairfield by Marriott 2-year deal, reinforces the confidence on the business and the trust that renowned Hospitality Brands have placed on us in the past and in times to come as well. Our aim is to be one of the leading and trusted brands in Laundry Services Industry in India. We are focused on the "Make in India" and Atmanirbhar Bharat initiatives of the Government of India."

Shares of LE Lavoir Ltd was last trading in BSE at Rs. 87.93 as compared to the previous close of Rs. 90.70. The total number of shares traded during the day was 1500 in over 38 trades.

The stock hit an intraday high of Rs. 98.85 and intraday low of 86.20. The net turnover during the day was Rs. 133606.00.

Source : Equity Bulls

Keywords

LELavoir INE204S01012 Agreement WetCleaning Washing Drycleaning FairfieldbyMarriott MumbaiInternationalAirport