Men’s innerwear transforming with old brands innovating, new ones entering the fray
05 September 2022, Mumbai:
A bankable category for Page Industries for long, the men’s innerwear segment is currently growing at a compound annual growth rate of 7 per cent per annum. The segment is projected a value of Rs 21,800 crore by 2028. Page Industries was an early mover into the category with scores of brands under its banner. Earlier, seen as a functional category, men’s innerwear has transformed to become a fashion statement for youth, highlights a CNBC TV18 report.
The segment is now being tapped by players across the spectrum from fashion player Nykaa which launched FSN E-Commerce to luxe brand Calvin Klein. What attracts all these players is changing consumer perception towards buying innerwear which is no more about wear the same brand for years, points out Shighra Mishra, Product Manager, Max Fashion.
Revolutionizing market with brand launch
Interestingly, much of the change can be attributed to Page Industries that revolutionized the market by launching brand Jockey in India. The brand’s launch in India led to consumers’ for the first time associating men’s innerwear with hygiene, fabric, comfort and other aspects. The market soon expanded with major apparel brands and retailers adding more varieties to their product portfolio. In 2018, it formed 34 per cent of the Rs 32,000 crore Indian innerwear market as per a SIMFS report. With big players like Tommy Hilfiger, Armani, and Calvin Klien entering the fray, offering luxury men's innerwear in India the market became more competitive. The price range goes from Rs 30 to Rs 1,200 a piece depending on the brand.
Market threatened by increasing competition
Page Industries,’ first move advantage has helped the company consolidate its market presence in India. The company currently contributes nearly 19-20 to per cent of the total market amongst large scale players, say analysts. It offers several competitive advantages through better branding and a more diversified product range, says a report by Marcellus Investment Managers published in 2022. The company has also performed better in the sector than other listed companies.
However, changing market trends and shift in focus by other players has increased competition. Page Industries now faces competition from many startups introducing innovations targeted at Gen Z consumers. The company is also feeling the heat with the arrival of new age startups like XYXX that was funded by cricketer KL Rahul recently and Freecultur that introduced the BreathTech fabric.
Many apparel brands and are also foraying into the space. Pepe Jeans Europe, which entered a joint venture with hosiery manufacturer Dollar Industries four years ago, has started manufacturing scented breathable innerwear. A subsidiary of Kolkata-based Rupa & Co, Oban Fashion acquired the licenses for brands FCUK and Fruit of the Loom to venture into the premium innerwear segment.
Changing outlook
With both, new and old brands innovating with their product lines, innerwear is fast becoming a new style statement for young fashion-conscious Indian men. The segment is compelling youth to change its outlook and look at it as an opportunity to show off rather than conceal.
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