From basics to quirky designs, the innerwear industry has seen gradual changes. Hence, it is but obvious to keep up with changing times and demands, brands like Jockey too have gone through an evolution.
To be sure, Page Industries Limited, the exclusive licensee of Jockey International for several countries, including India and the UAE, claims to have established itself as a key player in this sector. Founded in 1994 by Sunder Genomal and his brothers, the company draws on a legacy that dates back to 1959, when Sunder’s father, Genomal Verhomal, started a factory in the Philippines. Today, Page Industries manufactures, distributes, and markets a wide range of innerwear, loungewear, and socks. Page Industries’ revenue from operations declined 2.8% to Rs 4581.67 crore in FY24 from Rs 4714.19 crore in FY23, as per its annual report accessed from National Stock Exchange. Its net profit narrowed 0.36% to Rs 569.19 crore in FY24 from Rs 571.24 crore in FY23.
In a conversation with BrandWagon Online, Nihal Ranjan, SVP and CMO, Jockey, talks about the company’s recent marketing activities, growth plans, competition, and market expansion among others. (Edited Excerpts)
What is the current market share in India, how much do you spend on advertising? What is the strategy for FY25?
Jockey’s revenue from operations rose four percent to Rs 1,278 crore in FY24. The company reported a net profit of Rs 165 crore for the quarter ended June 30. Regarding market share, there is no commissioned study for this industry, but Jockey uses an internal metric of category penetration. For men’s innerwear, this penetration is around 17-18%, while for women’s innerwear, it is approximately 6-8% across the country. The company allocates around 3.5-4.5% of its revenue to advertising.
From a growth perspective, we’re seeing reasonable growth across both Q1 and Q2 overall. However, as we approach the festive season, we’re feeling very optimistic about how the market is responding. The retail environment is in a positive mode, and we expect this quarter and the last quarter to outperform the first two quarters. Overall, we are anticipating healthy growth this year, both in terms of revenue and profitability.
Our intent is to grow across all segments, whether it’s mass, mass premium, or premium. We’ve especially seen a lot of positive consumer responses for our premium range. For example, collections like the International Collection, New York Collection, and Jockey Life have received very good feedback. This shows that we not only connect with the mass and mass-premium segments but also with consumers at the top of the pyramid, who prefer premium and super-premium products. These consumers, typically inclined towards higher-end fashion, are really appreciating what we offer at the premium end. However, our focus remains on catering to all segments.
How does your brand approach the evolution of its marketing campaigns to ensure they resonate with changing consumer preferences over time?
We recently launched our campaign, ‘Nothing Fits Better,’ which is actually a legacy campaign that started around 2015-16. The idea came about then, and we first executed it in 2016. Over time, it has become a powerful way to connect with consumers, focusing on our product and the unparalleled fit we offer. As consumers have evolved, so has the campaign. This time around, ‘Nothing Fits Better’ has evolved to reflect how Jockey fits not only as a product but also as a brand into consumers’ lifestyles seamlessly.
Previously, the campaign emphasised the impeccable fit of our products. Now, the intent is to show how Jockey integrates into various aspects of a consumer’s life. We’re carrying forward the message from our previous ‘Freedom or Nothing’ campaign, where the brand became the bridge between the consumer and their communication. We were the voice of the consumer with that campaign, and now we’re continuing that message with ‘Nothing Fits Better.’
This campaign targets a younger audience, specifically Gen-Z, with a bullseye age of 23 years. We conducted a deep study to understand what resonates with them—their lifestyle choices, where they spend their time, career choices, and so on. We selected slices of their life to show how Jockey is seamlessly becoming part of their evolving fabric, whether it’s in their professional or personal lives.
What are the specific products being highlighted in the campaign?
This campaign is focused solely on men’s innerwear, featuring products such as boxer shorts, trunks, and briefs. It aims to connect with a younger audience, reflecting the trends that resonate with them. This consumer is highly globally connected and aware of the latest developments in the market.
The collection showcased in the campaign highlights this connection to current trends, with standout lines such as the New York Collection, Pop, Move, and USA Originals. Each of these reflects the desired tonality and style that appeals to today’s consumers.
How does your brand plan to compete with emerging D2C brands like Bummer, which are attracting young consumers with their quirky men’s underwear offerings?
Strong competition in the market is beneficial, as it pushes us to improve continuously. Our stance is to remain at the forefront of trends while never compromising on the quality standards associated with the Jockey brand. We are committed to not only providing trendy products but also ensuring that these trends are sustainable and that the product quality lasts over time.
To compete with emerging brands, we will focus on staying trendy, much like our competitors. However, we will emphasise the sustainability of our efforts and the importance of offering products that consumers can cherish for a long time.
Underwear is a personal item, worn close to the skin for long periods. Therefore, it is crucial that our products provide comfort throughout the day, a promise we believe is unmatched by any competitor. This commitment to comfort and quality serves as a strong foundation for our brand.
While we will continue to leverage trends to engage younger consumers, we do not view emerging brands as threats. Instead, we see them as healthy competition.
What marketing channels do you prioritise in your overall marketing strategy for campaigns, and how do you balance digital dominance with traditional media such as print and television?
From a brand perspective, we operate out of over 1,00,000 retail points throughout the country and have a massive network of our own exclusive stores, which exceeds 1,300 today. This allows us to reach a wide audience. Therefore, our choice of media channels or strategies cannot be singular; we need to consider how to reach consumers in tier-3 and tier-4 cities while keeping various demographics in mind.
We employ a healthy mix of media. For example, we use television to achieve the reach we want and outdoor advertising for direct impressions. However, we have also started investing seriously in digital marketing. Many young consumers today are highly connected digitally; this generation and the ones following are digitally native and have lived their lives in a digital atmosphere.
We are clear about wanting to enhance our digital presence compared to a few years back. This represents a shift in our strategy. Overall, we aim to communicate with our entire audience across different tiers and segments. For instance, in this campaign targeting Gen Z, we focus more on digital channels. In contrast, for our “Freedom or Nothing” campaign, we were also addressing a younger audience, but with broader brand messaging. We used TV as a leading vehicle to communicate.
It’s a mix of different channels and strategies, considering that we have a very wide audience to engage with.
Considering that social media is dominating marketing today, how challenging is it for an innerwear brand to leverage social media influencers to effectively market its products?
It’s not difficult for us at all. Our approach involves making very considered choices regarding the right set of influencers, channels, and content. Our strategy this year and moving forward focuses on creating content that engages and starts conversations, while also educating and building a stronger connection with our audience.
We aim to avoid frivolous content that exists solely for the sake of posting on social media. Our influencer strategy is similar; we prioritise authenticity and want influencers who genuinely represent our brand in their everyday lives.
For this campaign, we have over 12 influencers involved, and the content they share is designed to be authentic and relatable. This intention is key to our overall strategy for enhancing our social media presence from a brand perspective.
What is the sales distribution for your brand between online channels and offline stores?
We are primarily a retail-first organisation. Most of our business comes from our trade and exclusive stores. However, our online sales, which include our own website and partnerships with various marketplace platforms, have seen significant growth this year, achieving high double-digit growth rates.
While online sales are becoming a strong revenue channel, we ensure that our online presence is balanced with our retail presence. We do not offer discounts at any time, whether online or offline. Our brand stands for quality, comfort, and the right trends, and we will continue to prioritise these values over seeking immediate growth through discounts.
Jockey is traditionally known for its men’s garments, but it seems like you’re making progress in the women’s segment as well. Are there any plans to further expand the product portfolio specifically for the women’s category?
From a product category perspective, we already have a very strong and diverse assortment. Our focus is on driving higher penetration of this assortment through the right channels and outlets. You’ll soon see a strong marketing push for the women’s range as well. In terms of products, we offer best-in-class collections for both innerwear and outerwear, aligned with current trends. There’s significant focus on the women’s segment, and we already have around 30 Jockey Women stores. Our goal is to continue building the women’s business just as strongly as we have with men’s.
Our intent is to build a stronger, deeper connection with the new generation, particularly Gen-Z. However, it’s not just about Gen-Z. Our focus is also on ensuring the brand evolves to engage with all consumer segments. I can’t emphasise enough that we are a highly democratic brand, meaning we have a responsibility to communicate with the wide range of consumers we cater to. You can expect a lot more exciting developments from the brand moving forward.
What are the global expansion plans?
Jockey is already present in several international markets, including the Middle East, Nepal, Bhutan, and Sri Lanka. Our intent is to strengthen and deepen our footprint in these regions where we have licenses. While we are globally present, our focus is particularly on expanding within the Middle East and neighboring countries.