Maxwell to open 93 innerwear studios in three years

Maxwell Industries, a leading manufacturer of innerwear plans to open 93 innerwear studios over the next three years. Called ‘Inners’, the stores will be launched on high streets, malls and residential locations. The company currently runs seven such studios offering popular brands under its umbrella including VIP, Frenchie, Brat, Feelings and French brand Eminence.

The range retailed through these studios includes innerwear, loungewear and accessories for men, women and kids. The expansion strategy was planned after positive response from its target customers based in metros, Tier I and II cities. The company reported a turnover of Rs 260 crores last year and is looking forward to Rs 300 crores this year. The group has a dealer network of 550 and sells through 1,10,000 retail outlets across the country. The innerwear market in India, according to a study, is valued at around Rs 17,750 crores and expected to grow at CAGR of 13 percent to touch Rs 60,253 crores by 2023. The women’s inner wear market contributes around 60 percent to the total market.