"We have entered into an agreement to market and sell basic and intimate apparel in India under the Hanes and Wonderbra brands- two of the largest and well-known global apparel brands, under a licensing agreement with US-based Hanesbrands Inc," Arvind Ltd chairman and managing director Sanjay Lalbhai said in Mumbai.
He, however, did not disclose the value of the deal. While the overall men's inner-wear brand is estimated at Rs 7,200 crore, the women's inner-wear brand at Rs 10,800 crore, with 60 percent in organised sector and 40 percent in unorganised sector.
"This transaction will help us to enter into the highly lucrative market of branded apparel essentials with lingerie and undergarments. This market segment of branded essentials is estimated at over Rs 18,000 crore and is expected to grow over 18 percent from thereon year-on-year," Lalbhai said.
Arvind Lifestyle Brands, a subsidiary of Arvind Ltd, had earlier acquired business operations of foreign brands Debenhams and Next & Nautica. He said the niche market offers a promising business opportunity for the company to consolidate its position in the Indian market.
The company is targeting revenue of Rs 500 crore for Hanes brands, aiming three per cent market share, in next four years. "The transaction will give us a new edge to our product portfolio. We plan to grow the Hanes vertical within Arvind to achieve Rs. 500 crore revenue over next 4 years from the present Rs 45 crore", Arvind Lifestyle managing director J Suresh said.
The 100-year-old Hanes brand is the top apparel brand in the US and offers high-quality underwear, intimates, casual wear, hosiery and socks. "Arvind plans to increase the current number of Hanes points of sales in India from 5,000 to 15,000 in the next 3 years", Suresh said. Arvind Ltd is targeting revenues of Rs 9,000 crore from its brands, retail and real estate businesses in the next five years, Lalbhai said.
"While Rs 3,000 crore would come from growing the business organically at a CAGR of 20 percent, the rest would come through acquisitions, new brands launches and JVs", he added.
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