Madura Garments has unveiled plans to foray into the men's innerwear market towards the end of the current calendar year.
The company is working on plans to extend its fashion brands, Louis Philippe, Van Heusen and Allen Solly, into the innerwear segment as part of a strategy to offer complete wardrobe products.
According to top company officials a team was being put in place to work on the innerwear business. "We hope to put one of our fashion brands into this segment before this year-end," the official said. After the fashion brands, the company would also look at extending its mid-priced brand, Peter England, into the innerwear category. "We will go for sourcing from dedicated units," the official added.
Currently, Jockey dominates the premium end of the men's innerwear market, while the mid-priced segment is more fragmented with VIP and a host of other regional players.
It must be mentioned that Madura Garments, which reported Rs 350-crore turnover in 2002-03, has been planning to showcase its three fashion brands as a complete lifestyle wardrobe. These brands, with wider revenue streams, are expected to play a significant role in the company's quest to emerge with Rs 1,000-crore turnover by 2007-08.
Sources said the company could close the current financial year with revenues in the vicinity of Rs 400 crore, increasing the gulf between the second largest player, Arvind Brands Ltd, and itself. Interestingly, the news about Madura's foray into the innerwear comes even as Jockey continues to retail through select company outlets. It is not yet clear whether the company's arrangement to sell Jockey would continue following the decision to tap innerwear on its own.
Since 1999, when Madura Garments was acquired by Indian Rayon, the predominantly menswear company has forayed into womenswear, jeanswear, suits and a host of accessories.