Page Industries Ltd., a prominent manufacturer of innerwear, athleisure, sleepwear and swimwear for men, women and kids, recorded sales of Rs. 2,852.20 crores in 2018-19, an increase of 11.8% over the previous year.
Engaged in manufacturing, distribution and marketing of innerwear, athleisure, sleepwear and swimwear for men, women and kids, the company is the exclusive licensee of Jockey International Inc. of the US in India, Sri Lanka, Bangladesh, Nepal, the UAE, Oman and Qatar, and for Speedo International Ltd. (UK) in India and Sri Lanka.
The Indian textile and apparel market is worth $70 billion (Rs. 4,55,098 crores), which is poised to grow in tandem with the growth of the Indian economy, which is set to become one of the largest economies of the world in the 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 Textiles (6%).
Indian knitwear market
Currently, the fashion retail market is estimated at Rs. 3,22,209 crores ($50 bn) and is envisaged to grow at a promising CAGR of 7. 7 per cent over the next decade to reach a size of Rs. 6,74,037 crores ($104 bn) by 2027.
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 per cent over the next decade to reach Rs. 1,61,700 crores from the current Rs. 68,932 crores.
Men’s wear is the single largest category in knitwear, accounting for 40 per cent, followed by women’s wear, boys’ wear and girls’ wear with market shares of 34 per cent, 18 per cent and 8 per cent respectively.
The domestic knitwear market consists of categories such as innerwear, T-shirts, winterwear, knitted bottom-wear for kids, sleepwear, etc. The major contributors to the knitwear market are innerwear and T-shirts accounting for 34 per cent and 28 per cent respectively.
Expansion and new investments
Page Industries’ installed capacity across various units covering over 2.40 million sq. ft. in 14 locations in Karnataka and one location in Tamil Nadu. To meet the growing market demand and support our aggressive growth plans, the company is working towards doubling its installed capacity from the existing 260 million pieces in the next five years.
Page Industries has a greenfield project at Anantapur. APIIC has allotted 27 acres of land, on which the company is setting up a manufacturing facility covering 0.60 million sq. ft. built-up area to meet the growing demand of men’s business. Currently, the company is in the process of obtaining approvals from the statutory authorities to commence the civil works. At the other locations near Mysore and Anantapur, operations will commence in the fourth quarter of FY21.
A new unit at K.R. Pet near Mysore with 0.2 million sq. ft., for manufacturing and raw material warehousing at a leased-out building will be functional from Q2 of 2019-20.
The company management has recognized the imperative of sustainability in its business and the role it can play in driving sustainable development.
In this regard, the company have initiated and developed the Page Sustainability Vision and Mission, Sustainability Policy, Sustainability Strategy. It will be publishing its maiden Sustainability Report prepared in accordance with the GR! Standards, 2016, along with its ensuing annual report.