VIP to chase a turnover target of Rs 1,000 crores by 2020

With around 22 percent market share, innerwear label VIP from the Maxwell Industries, targets a turnover of Rs 300 crores by the end of this fiscal from Rs 260 crores, reported in 2014-15. The target is to reach Rs 1,000 crores by 2020 by registering a growth of 25-28 percent every year.

To achieve its target, the company that focused on top 10 products of VIP like VIP Bonus, VIP Frenchie, VIP Feelings among others, will now follow SBO strategy where Frenchie under will be treated as a separate brand, targeted at the young. Feelings will cater to the women’s segment. French premium label Eminence will be treated as a separate brand under its fold and Brat will only create merchandise for kids, whereas Leader will be a wholesale brand.

The company will also expand product categories under each of these brands. For example, a range of styles across price points is being planned under VIP and Frenchie and loungewear under VIP, Frenchie and Feelings. Eminence portfolio will now also have inners. Basically the plan is to become a complete intimate wear brand offering a wide product range including socks, yoga wear and active wear.

The plan is also to launch 93 Inner Studios over the next three years across metros and Tier II, Tier III and Tier IV cities. Addition of loungewear to the portfolio will also see the company adding 15,000 retail touch points to take the total to 1,10,000 by the end of the this fiscal year. As the company expands product offerings, it will take the overall reach to 30,000 retail touch points by 2018. Products will also be offered on its own web store. On the export front, Maxwell will venture into the African continent by exporting men’s innerwear under VIP to Nigeria and Ghana.