Men’s Innerwear: Brand awareness leads to growth

Men’s innerwear has moved out of the closet from being a basic necessity to a fashionable and feel good product. Not only women even Indian men are now showing rising interest in trying out new styles and spending on premium brands. Growing demand for branded innerwear has created a potential market for domestic as well as global brands.

The Indian innerwear market, over the years has developed rapidly from being dominated by unorganized players to brands making aggressive inroads. With factors like a rise in youth population, higher disposable incomes, brand awareness, nuclear families and brand penetrating into smaller towns, the innerwear segment is showing scope for brands to explore. They are now innovating with new styles and bold colours while expanding their range to include fitness and sleep wear under the innerwear category.

Youth and fashion driving growth

A Technopak study had revealed the Indian innerwear market was worth Rs 17,750 crores in 2013 and is estimated to be growing at 13 percent to reach Rs 59,540 crores by 2023. As per Amit Gugnani, Senior Vice President, Fashion-Textile and Apparel at Technopak Advisors, the men’s innerwear market is pegged at Rs 6,870 crores and is growing at 9 percent.

Opines Sunil Pathare, MD, Maxwell Industries, makers of the brand VIP, one of the oldest and popular names in men’s innerwear in India, “Increasing disposable incomes, exposure to media has brought about a significant change in consumer buying behavior. In innerwear, the buying cycle has increased and the consumer is looking at it as a fashionable item rather than a commodity.”

Agrees Bidyut Nath of Dollar and says, “There has been an increase in purchasing power and frequency among Indian consumers. Indian consumers have become more fashion conscious and want to change or upgrade their wardrobe more frequently. As a result, dominance has been seen for fashion oriented product.”

Innovations attract consumers

Players are keen on engaging customers with unique styles and a wide range. So they are expanding their offerings to include season specific products and fitness, active and lounge wear. As Gugnani opines apparel brands and retailers have extended their product portfolio in men’s innerwear segment to leverage on growth. Apparel players predominantly focusing on active, casual and formal wear have launched dedicated sub-brands in men’s innerwear.

Pathare says, “Consumers mostly purchase branded products for vests and brief/boxers, which are the largest category offerings from leading innerwear brands. We have five different brands catering to different set of consumers. These are: VIP, Frenchie, Eminence, Feelings and Leader. VIP focuses on functionality.”

Nath points out, innerwear has moved from being a function based commodity to fashion gear. This transformation has brought in a lot of changes. Trendy pattern in pop colours, signature broad waistband, cool shades and body friendly fabrics, are some of new additions. “Soon, we are going to introduce printed boxers. The demand for boxers is increasing due to their comfort, colours, designs and styles. And it can also be worn as sleep wear or home wear,” explains PK Aggarwal, Director, Dora.

Park Avenue launched innerwear three years back to compliment the mother brand. Elaborating on this Srikanth Ram, Business Head (Innerwear and Accessories), Park Avenue says, “We saw a good potential to establish it as a separate business. We are about fashion forward and style, this segment also echoes our ethos and brand’s imagery.”

The changed mindset gives industry a huge reason to thrive. Moreover growth in e-tailing has also boosted this segment. “The only thing we need to know is how to play in the segment. Increasing competition and dull market can be a key challenge. Else, I see no reason for being negative,” sums up Aggarwal.