Page Industries Ltd, the licensee in India of underwear and vest brand Jockey International Inc., plans to enter into outerwear and also expand its leisure clothing range, while targeting more women.
Page Industries, which had revenues of Rs138.6 crore in 2006-07, says it plans to extend its range to casuals, thermals and yoga wear.
“Jockey India would eventually get into outerwear and bedding, on the lines of Jockey USA. We are also thinking about entering into jackets and sweatshirts.” says Nischal Puri, general manager, marketing, at Page, which is promoted by the Genomal group.
Page raised Rs101 crore through a public issue in March for brand building and to fund expansion.
Jockey will launch a line of pajamas, in the price range of Rs395 to Rs 425, and T-shirts from Rs260 onwards, for men, in the next three months. The men’s innerwear market in India is estimated to be at Rs2,400 crore annually, according to Puri.
Jockey now wants to woo women also in a big way. The women’s annual innerwear market in the country is about Rs3,800 crore, says Puri and the company will launch an “at home” range for women in the next quarter, which would include uppers and pajamas.
Page intends to set up specialty outlets for women in the next few years. Puri says the company spends about 8.5% of its sales on marketing and is currently looking for an Indian face for its women’s range.
With exposure to international brands and rising disposable income, Indian customers have become more discerning and maintaining their interest has become a challenge, says Puri.
“Rejuvenating a brand has become a key thing to survive in retail,” says Puri. “Brands will not remain in the market for long, if they do not innovate.”
Jockey India sells through 15,000 outlets across 1,100 cities and 27 exclusive stores. The company plans to add six such stores by March and says it will then double that in fiscal 2009. In the first half of this fiscal year, Page generated sales of Rs95.5 crore and a net profit of Rs 12.93 crore. On Friday, Page shares closed at Rs 488 a share, well above the 23 March low of Rs241.25.