Maxwell Industries Ltd, trademark owners of the reputed VIP brand of undergarments and which clocked a turnover of Rs 2.05 billion in 2007-08 is looking into inking a joint venture with a top international premium undergarments brand in Europe. It also is planning to enter the children's undergarments and wellness categories.
Mr. Avinash Kishore, Marketing Manager at Maxwell spoke exclusively to Fibre2fashion and said, “the idea of the JV is moving up the value chain and since Maxwell is not currently present in the upper segment of the undergarment segment, it will help the company penetrate the creamy premium layer of the market with a predominantly male range”.
To another question on the size and growth of the children's and premium innerwear market, Mr Kishore replied by saying “the children's innerwear category has a market size of Rs 5.5-6.0 billion and is growing at a healthy 7-8 percent per annum in volume terms. The premium and super premium category is the fastest growing category and has a growth rate of around 25-30% in value terms and growth is expected to remain firm for some time.”
The JV is expected to give brands from the Maxwell stable a footing in the European market. The company is also expecting to post a turnover of Rs 2.5 billion in the current financial year up by 22 percent from the previous year. Maxwell owns well known brands like VIP Frenchie, VIP Feelings and VIP socks. The company is also planning to propel its retail business.
Fibre2fashion News Desk - India