Page Industries - More Challenges Versus Opportunity In Women’s Innerwear Segment: ICICI Securities

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Securities Report.In this report, we present our primary research on 208 brands in both men and women innerwear segment, effectively, analysing 26,000 stock keeping units. Observations: competition in women innerwear segment is 1.6 times higher (148 brands) than men (90 brands), primarily led by multi national company retailers (M&S, H&M etc.) and other direct-to-consumer brands (Amante, Clovia, Zivame etc), Jockey is the only top brand that competes in both men and women innerwear segment with same brand name (out of 208 brands, only 30 brands follow similar strategy – none of them are in top 10 list). We believe having specialist brand image is imperative to drive differentiation in women-wear segment, of the SKUs which we analysed, average selling price in women’s innerwear (at Rs 528) is 22% higher than ASP in men’s innerwear – implying scope for premiumisation, Page Industries has over-indexed its portfolio in women’s innerwear at a value price point (~Rs 260: lowest in our top-10 list versus Rs 340 in men’s innerwear). Since in organised space, women innerwear segment is significantly less penetrated (6- 8%) versus men’s innerwear (~20%), we believe it may be easier for Page Industries to drive higher penetration. That said, we reckon that brand perception has a larger role to play (versus price) to drive consistent revenue growth (it has already been five years since the launch of Jockey Women, Page Industries continues to dominate men’s innerwear segment led by superior price value equation, specialist brand perception, good customer reviews. However, competition from D2C brand remains strong..Click on the attachment to read the full report:.Zen Technologies - Strong Order Book Brings Better Earning Visibility: HDFC Securities Initiates Coverage.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

Page Industries - More Challenges Versus Opportunity In Women’s Innerwear Segment: ICICI Securities

Competition in women’s innerwear segment is 1.6 times of men’s innerwear.

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Page Industries - More Challenges Versus Opportunity In Women’s Innerwear Segment: ICICI Securities

Competition in women’s innerwear segment is 1.6 times of men’s innerwear.

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