Jockey to double production capacity in India, enter smaller markets

Innerwear brand Jockey continues to remain bullish on the Indian market with plans to double production capacity to 400 million pieces per annum and is eyeing smaller markets for growth, said a top company official.
 
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Jockey International entered the Indian market in 1995 through an exclusive license agreement with Page Industries Ltd which is now looking to step up its exclusive stores in the country by tapping the smaller markets in tier II & III cities.
 
Presently, the current size of the Indian innerwear market is about Rs. 15,870 crore (approx $2.5 billion) and is expected to continue to progress and estimated to touch Rs 68,270 crore (approx $10.7 billion) by 2024, according to report by consulting firm Technopak.
 
Jockey clocked Rs 2,000 crore in revenues last year, and has been growing consistently at a rate of 19% year-on-year. The increase in production capacity is likely to increase the overall market share of the company which is currently approximately around 14% percent.
 
"As the brand expands in the country, we are looking to increase production. We are looking to double our production capacity from current 200 million pieces per annum to 400 million pieces by 2020," Page Industries Managing Director Sunder Genomal told news agency.
 
As price-points in India are lower than its other markets and brand-awareness, aspiration and accessibility are on the rise, the potential for growth in India is huge, Genomal explained.
 
"We operate on a franchise based model, and spend about Rs 80 crore annually on establishing outlets," Genomal said.
 
Jockey recently conducted unique pop-up museums in Bengaluru and Mumbai as part of its 141st anniversary celebrations which offered consumers the unique opportunity to experience the brand’s evolution over the years.
 
Jockey has about 370 exclusive stores across the country, and retails out of 50,000 multi-brand outlets in 1,400 towns and cities.
 

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