CORPORATE INFORMATION

 
Page Industries Limited located in Bangalore, India is the exclusive
licensee of JOCKEY International Inc. (USA) for manufacture,
distribution and marketing of the JOCKEY® brand in India, Sri Lanka,
Bangladesh, Nepal, UAE, Oman and Qatar. Page Industries is also the
exclusive licensee of Speedo International Ltd. for the manufacture,
marketing and distribution of the Speedo brand in India.

The Company was set up in 1994 with the key objective of bringing the
world renowned brand "JOCKEY®" to India. Its promoters are the
Genomal family, who have been associated with JOCKEY International
Inc. for 50 years as their sole licensee in the Philippines. Page
Industries became a public company in March 2007 and is quoted in
the Bombay Stock Exchange and the National Stock Exchange of India.

The company commenced operations in the year 1995 with the

manufacturing, distribution and marketing of Jockey® products. As of
March 2018, the company’s workforce numbered over 20,000 people
with manufacturing operations spread over fifteen state-of-the art
manufacturing complexes in Bangalore, Hassan, Mysore, Gowribidanur,
Tiptur and Tirupur. Page Industries commands wide spread pan India
distribution encompassing over 50,000 plus retail outlets in
1,800 cities and towns and has revolutionized the innerwear
market by launching Exclusive JOCKEY® Brand Outlets across India
numbering 470 as of March 2018.

In 2005 and 2009, the company was awarded the "best licensee of the
year" by Jockey International Inc. as recognition for its outstanding
achievement in establishing and strengthening the JOCKEY® brand as
a market leader in India. 
In 2010, the Company bagged the "International Licensee of the
Decade" award for achieving record growth year after year, offering
world class products and maintaining global quality standards across
all operations.

In 2012, the company was honoured for the “Outstanding

Advancement of the Jockey Global Retail Image”, a rare distinction
from amongst 142 countries where Jockey is present.

Page Industries was honoured by Jockey International Inc. with the

‘International Licensee of the year’ award for 2013 as well,
outperforming 140 other countries where the Jockey brand is present.
This award was given in recognition of outstanding brand building,
consistent healthy growth in sales, and remarkable product
development and innovation in our markets. 

The Speedo brand is now into its sixth year of operation in India.
Speedo products include swimwear, water shorts, apparel, equipment
and footwear. The Speedo brand is now available in 1035 plus stores
including large format stores in 189 cities and 31 Speedo exclusive
brand outlets located in Delhi, Gurgaon, Noida, Mumbai, Pune,
Bangalore, Chennai and Ahmedabad. 
In 2013 Page Industries has been awarded the ‘Star SME (Small and
Medium Enterprises) of the Year 2012’ by Business Standard, one of
the most reputed business publications of our country. The award was
presented to us by Hon. Shree Pranab Mukherjee, President of India.

In 2018 Page Industries was presented with the Decadal Award in the
CNBC TV18 – 10th Emerging India Awards for having truly raised the
bar of excellence for over a decade.
INDUSTRY STRUCTURE AND DEVELOPMENT: TEXTILES Indian Textile and Apparel
Market Indian Textile and Apparel Market is worth USD 70 Bn (INR 4,55,098
crore), which is poised to grow in tandem to the growth of Indian economy,
which is set to become one of the largest economies of the world in next decade.
The Apparel category holds major share in Domestic Textiles & Apparel Market
accounting for ~71% of the market followed by Technical Textiles (23%) and
Home Textile (6%)
Indian Knitwear Market Currently, the fashion retail market is estimated at `
3,22,209 crores (USD 50 bn) and is envisaged to grow at a promising CAGR of
7.7 percent over the next decade to reach the size of ` 6,74,037 crores (USD 104
bn) by 2027. Knitwear Despite being strong in woven, Indian fashion retail is
witnessing huge demand for knitwear. The knitwear market is expected to grow
at a promising rate of 9 percent over the next decade to reach ` 1,61,700 crores
from the current market size of ` 68,932 crores.
Innerwear Market Size & Growth Among
all the fashion categories, innerwear has emerged as one of the fastest growing
categories in last few decades. A commodity which was earlier depicted as a
day-to-day essential has transformed itself into fashion wear with more emphasis
on styling and comfort. Traditionally, the innerwear market was largely
fragmented and unorganized. But, in last few years the organized innerwear
segment has shown promising growth in both men’s and women’s categories.
The innerwear category, estimated to be worth ` 27,931 crore, accounts for 10
percent of the total apparel market in 2017. It is expected to grow at an
impressive CAGR of 10% over the next decade to reach ` 74,258 crore. In recent
years, the women’s innerwear segment has grown consistently and was
estimated to be worth ` 18,454 crore in 2017. It is expected to grow at an
impressive CAGR of 12 percent over the next decade to reach ` 56,364 crore by
2027.
The men’s innerwear market, which is estimated to be worth ` 9,477 crore in the
year 2017, is estimated to grow at a CAGR of 6 percent to reach ` 17,894 crore
by 2027.
Kid’s innerwear market was worth ` 850 crore in 2017 and is expected to grow at
a CAGR of 12 percent to reach ` 2,640 crore by 2027.
Another significant category under knitwear market is t-shirts. It is widely
accepted among a wide range of customers for its soft knit fabric, fitting and
versatility, making it a comfortable and dynamic category under knitwear. The t-
shirt market of India comprises of polo t-shirts, knit t-shirts, Henley t-shirts, knit
tops, etc. The current Indian t-shirt market is estimated at ` 23,211 crores which
is expected to grow at a promising CAGR of ~10 percent over the next decade to
reach ` 61,954 crores by 2027. Source: Images Business of Fashion Indian
consumer spend on innerwear products is significantly lower than other Asian
peers. This trend is visible across both men’s and women’s segments with gaps
of over 90% against countries like Thailand and China. This suggests that there is
significant room for growth driven by rising per capita spending on such
products.
The Indian innerwear market is primarily segmented into men’s innerwear and
women’s innerwear. Currently, the women’s segment dominates the innerwear
category by constituting 64 percent of the total innerwear market. Men’s
segment is 33 percent and kids’ 3 percent of the total innerwear market
Looking ahead, we expect growth in the innerwear market to be driven by broad
based consumer trends in the form of rising discretionary spend, growing
number of mid-high-income house hold and rising urbanization. Innerwear has
graduated from being just a functional category to a category that offers
additional fashion quotient. It is shifting from a price sensitive category to a
brand sensitive category. Source: CLSA Asia-Pacific Markets, Euro monitor E-
Commerce Industry The online retail market in India is estimated to be worth
US$ 17.8 billion in terms of gross merchandise value (GMV) as of 2017. India has
secured the highest CAGR among major economies in online sales at 70 per cent
in the online retail market over the years 2012-17. Online retail sales in India are
expected to grow by 31 per cent to touch US$ 32.70 billion in 2018, led by
Flipkart, Amazon India and Paytm Mall.
Electronics is currently the biggest contributor to online retail sales in India with
a share of 48 percent, followed closely by apparel at 29 percent. By 2025, non-
electronics categories are expected to take 80 per cent share in online retail in
India. As of July 2018, the number of transactions in E-commerce retailing are 1-
1.2 million per day and on E-commerce platforms are 55-60 million per month.
With cost of servicing tier-II and other smaller cities going down, most of e-
retail’s growth
in the country is going to come from there. Overall, online shoppers in India are
expected to cross 120 million in 2018 and eventually 220 million by 2025.
Source: Indian Brand Equity Foundation OPPORTUNITIES AND THREATS
Opportunities For the apparel industry in general and our market in particular: •
More organized retail, affording brand visibility • Better consumer retail
experience, increasing demand • Increasing fashion consciousness and
consumers becoming more aspirational, discerning and brand savvy • The
factors that determine consumption, education, occupation, urbanization, rise in
nuclear families moving in a positive direction • Increasing urban women
population and women corporate workforce • Increasing brand consciousness
and spending on kids • Higher disposable incomes • Increasing online retail
buying Threats Many major international apparel brands have commenced
operations in India realizing that Indian markets likely to emerge as one of the
largest markets in the world in the next few decades. OUTLOOK In anticipation of
growing demand, the Company has substantially expanded its installed capacity.
With the ongoing addition of new buildings, infrastructure and facilities, the
installed capacity is scalable and can be ramped up with incremental machinery
and man power to meet the expected healthy growth in demand. The Company
has significantly expanded its presence in the India market, by opening many
Exclusive Brand Outlets (EBO’s) and through expansion in Multi Brand Outlets
(MBO’s) making the brands to consumers across the entire length and breadth of
the country.
Page Industries, also known as Jockey India, is a publicly listed company
(BSE:532827) (NSE:PAGEIND) which is the licensee of Jockey
International and Speedo in India and Sri Lanka. It was founded in 1995 by the
Genomal family. It became a public enterprise on 29 July 2007 at a stock price of
600 INR and today has a value of 11.7 billion INR, with a stock price exceeding
29355 INR for the first time after growth of over 39.7% was announced in May 2014,
and it reached a high of 8205 INR in mid-June of that year. The stock price is in
excess of 14,500 INR in May 2015. Currently (July 2018), the stock is trading at an
all-time high – above 29,000. The company expanding its reach very strongly in the
market. The company's main focus is to serve as the prime international licensee of
Jockey in the South Asia region and in the Asia-Pacific region as a whole

Competitors List
Dixcytextiles is Jockey International's top competitor. Dixcytextiles is a Private
company that was founded in Tirupur, Tamil Nadu in 1982. Dixcytextiles
operates in the Retail Distributors industry. Dixcytextiles has 15,832 fewer
employees vs. Jockey International.
Lux Innerwear has been one of Jockey International's top competitors. Lux
Innerwear is headquartered in Kolkata, West Bengal, and was founded in 1957.
Lux Innerwear is in the Retail Distributors field. Lux Innerwear generates 33% the
revenue of Jockey International.
Rupa is perceived as one of Jockey International's biggest rivals. Rupa was
founded in 1968 in Kolkata, West Bengal. Rupa competes in the Retail
Distributors field. Rupa generates $272M less revenue than Jockey International.

Jockey SWOT Analysis

Strengths
Below is the Strengths, Weaknesses, Opportunities & Threats (SWOT)
Analysis of Jockey. Strengths are:
1. Known as an established brand in inner wear, sleep wear for women, men
and children
2. Established and trusted Brand Name globally
3. Jockey is a recognized trademark in 120 countries
4. Is an active corporate citizen
5. Popular top-of-the-mind brand available mostly at all multi-retail brand
stores globally
6. Popular advertising campaigns and good brand visibility

Weaknesses
Here are the weaknesses in the Jockey SWOT Analysis:
1.Brand Name has to be protected and hence the costs increases
2. Competition from other popular brands means limited market share growth

Opportunities
Following are the Opportunities in Jockey SWOT Analysis:
1.Emerging markets are projected to have increasing sales in the lingerie
sector
2.To take forward its jockey initiative as more number of people are
becoming aware of their lingerie and nightwear

Threats
The threats in the SWOT Analysis of Jockey are as mentioned:
1.New entrants have a chance if they offer innovative designs and services
2.Intense Competition from existing players
3.Problem of imitation of designs in countries where property rights are not
properly defined
Page Industries Limited located in Bangalore, India is the exclusive licensee of

JOCKEY International Inc. (USA) for manufacture, distribution and marketing of

the JOCKEY® brand in India, Sri Lanka, Bangladesh, Nepal, UAE, Oman and

Qatar. Page Industries is also the exclusive licensee of Speedo International Ltd.

for the manufacture, marketing and distribution of the Speedo brand in India.

The Company was set up in 1994 with the key objective of bringing the world

renowned brand "JOCKEY®" to India. Its promoters are the Genomal family, who

have been associated with JOCKEY International Inc. for 50 years as their sole

licensee in the Philippines. Page Industries became a public company in March

2007 and is quoted in the Bombay Stock Exchange and the National Stock

Exchange of India.

The company commenced operations in the year 1995 with the manufacturing,

distribution and marketing of Jockey® products. As of March 2018, the

company’s workforce numbered over 20,000 people with manufacturing

operations spread over fifteen state-of-the art manufacturing complexes in

Bangalore, Hassan, Mysore, Gowribidanur, Tiptur and Tirupur. Page Industries

commands wide spread pan India distribution encompassing over 50,000 plus

retail outlets in 1,800 cities and towns and has revolutionized the innerwear

market by launching Exclusive JOCKEY® Brand Outlets across India numbering

470 as of March 2018.

In 2005 and 2009, the company was awarded the "best licensee of the year" by
 Jockey International Inc. as recognition for its outstanding achievement in

establishing and strengthening the JOCKEY® brand as a market leader in India.  

In 2010, the Company bagged the "International Licensee of the Decade" award

for achieving record growth year after year, offering world class products and

maintaining global quality standards across all operations.

In 2012, the company was honoured for the “Outstanding Advancement of the

Jockey Global Retail Image”, a rare distinction from amongst 142 countries where

Jockey is present.

Page Industries was honoured by Jockey International Inc. with the ‘International

Licensee of the year’ award for 2013 as well, outperforming 140 other countries

where the Jockey brand is present. This award was given in recognition of

outstanding brand building, consistent healthy growth in sales, and remarkable

product development and innovation in our markets. 

The Speedo brand is now into its sixth year of operation in India. Speedo

products include swimwear, water shorts, apparel, equipment and footwear. The

Speedo brand is now available in 1035 plus stores including large format stores

in 189 cities and 31 Speedo exclusive brand outlets located in Delhi, Gurgaon,

Noida, Mumbai, Pune, Bangalore, Chennai and Ahmedabad. 

In 2013 Page Industries has been awarded the ‘Star SME (Small and Medium

Enterprises) of the Year 2012’ by Business Standard, one of the most reputed

business publications of our country. The award was presented to us by Hon.

Shree Pranab Mukherjee, President of India.

In 2018 Page Industries was presented with the Decadal Award in the CNBC TV18

– 10th Emerging India Awards for having truly raised the bar of excellence for

over a decade.

Hiring, retaining, developing, empowering and motivating the best people
in the organization,
 Ensuring complete alignment of all employees to the company’s
value system,
 Ensuring both brand Jockey and Speedo have products that are ‘best
in the market’ in terms of comfort, quality, style and value, and
 Maintaining a culture of ‘Total Quality Management’ across all
functions