Page IndustryIndia’s largest lingerie company, says direct-to-consumer companies can be a serious competitor to traditional and established rivals, as consumers, especially The younger generation, is increasingly turning to smaller and more agile brands due to the influence of social networks and better connections.
“We feel D2C can be a more serious competition than traditional competence because of the aspirations of that age group, social media, the kind of connection that resonates with their thinking as well as their agility,” VS Ganesh, director executive director at Page Industry that runs Jockey and Speedo stores in India. “No single D2C brand can become 1,000 cores, but there can be 20 such brands that can gnaw at your business unless you plan today. And while you’re looking at the core. you also need to have a medium as good as those brands.”
Indian lingerie market, valued at $6.3 billion, is estimated to account for 9% of the total fashion retail market share in the country but is very fragmented and disorganized. Once known as a mere apparel essential, this segment sees a work-from-home and hybrid work culture coupled with growing awareness of health, fitness and personal hygiene in the context of The pandemic situation, coupled with the growing number of millennial customers, drive the growth of the market, said the company.
Major companies include Aditya Birla . Fashion & Retail (ABFRL) and dependence Retail has recently increased its aggression in the high-end lingerie segment, which is dominated by Page Industries, which controls more than half of the organized market.
In fact, ABFRL last month said it will surpass sales of Rs 500 billion in the lingerie segment this year and is targeting Rs 1,500 billion by fiscal 2026. Earlier this year, Reliance acquired a home Online lingerie retailer Clovia, the third acquisition since buying shares of Zivame and Amante in the past two years. Over the past few years, a series of digital-first brands including XYXX, Damensch, Almo, Bummer and Freecultr have also seen an increase in sales, especially post-Covid, thanks to the trend. sport.
“All the competitors will say in unison that the next growth engine is lingerie and the market has not been penetrated deeply and has huge potential. All startups know that. and they see an attractive point in terms of opportunity. We would be complacent if we ignored that,” said Ganesh, adding that their single brand website generated Rs 100 million in sales. annual revenue, one of the highest in the segment. He added: “Our trajectory in terms of growth and abundance in our product innovation, we are on our way to being India’s Victoria’s Secret, that’s our aspiration.”
Page Industries posted sales of Rs 3,900 crore in the last financial year and had 1,191 exclusive brand stores and 15 manufacturing units at the end of last quarter. Underwear accounted for half of sales, while categories including children’s clothing, sportswear and swimwear made up the other half.
Online currently accounts for 18% of the fashion sector and is expected to grow three times faster than offline. According to a Redseer report, by 2026, online could account for more than 25% of sales in the fashion and lifestyle category.
“Over the next four years, many brick-and-mortar brands will have the opportunity to elevate their online game, or they will fall victim to the high digital penetration brands sweeping the market. Traditional players, especially in FMCG and fashion, recognize opportunities and challenges, and they are prepared to compete online,” the report said.
Some of their strategies include acquiring digital brands, launching their own digital brands targeting specific customer groups, and enhancing D2C capabilities while driving the brand. their brand and aim to get a higher market share online.
“We like Page Industries’ efforts in finding new avenues for growth – for children and sportswear along with entering the rural market. Besides, our inspection shows good demand for women’s lingerie. Focus also continues to expand distribution across segments and channels,” a representative said. Recent investor note of ICICI Securities.
