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More challenges (vs. opportunity) in women’s innerwear segment In this report, we present our primary research on 208 brands in both men and women innerwear segment, effectively, analysing 26k SKUs. Observations: (1) competition in women innerwear segment is 1.6x higher (148 brands) than men (90 brands), primarily led by MNC retailers (M&S, H&M etc) and other D2C brands (Amante, Clovia, Zivame etc), (2) 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,(3) of the SKUs which we analysed: ASP in women’s innerwear (at Rs528) is 22% higher than ASP in men’s innerwear – implying scope for premiumisation, (4) PAGE has over-indexed its portfolio in women’s innerwear at a value price point (~Rs260: lowest in our top-10 list vs. Rs340 in men’s innerwear). Since in organised space, women innerwear segment is significantly less penetrated (6- 8%) vs men’s innerwear (~20%), we believe it may be easier for PAGE to drive higher penetration. That said, we reckon that brand perception has a larger role to play (vs price) to drive consistent revenue growth (it has already been 5 years since the launch of Jockey Women, wear segment led by superior price- value equation, specialist brand perception, good customer reviews. However, competition from D2C brand remains strong. HOLD.
 * Competition in women’s innerwear segment is 1.6x of men’s innerwear...: As  per our channel checks, we note there are ~148 brands competing in women innerwear segment compared to ~90 brands in men innerwear. This implies 1.6x higher competitive intensity than men innerwear segment

 *...with higher scope for premiumisation: Having said that, at industry level, we note average retailing price (~26k SKUs) in women’s innerwear is 22% higher (at Rs528) vs men innerwear. This implies higher scope of premiumisation in this segment.

*However, PAGE is over-indexed to value segment in women innerwear: PAGE’s average selling price at ~Rs262 (our estimate) in women innerwear is ~29% lower than ASP of its men’s innerwear segment. lower than ASP of its men’s innerwear segment.

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