Page Industries: The Silent Force Behind Jockey in India

You might see “Jockey” on the label, but the real force powering its success across India is Page Industries.

Over the last two decades, Page has done something few licensees ever manage: turn a foreign brand into a household name across every nook and cranny of India.

Let’s start with a little-known truth.

Jockey doesn’t sell directly in India.

Page Industries, which holds the exclusive license to manufacture, distribute, and market Jockey across India and eight other countries, runs the full show.

In exchange, it pays a 5% royalty on sales - a small price for what is, effectively, full autonomy.

In fact, Page is Jockey’s largest licensee in the world.

This isn’t just a branding story but also one of scale and manufacturing depth.

Page Industries operates 16 production units spread across 2.9 million square feet.

Most are in Karnataka, with one in Tamil Nadu and a newly added 6.5 lakh sq. ft. plant in Odisha, focused on innerwear, socks, and elastics.

By keeping over 70% of production in-house, Page maintains tight control over quality and costs - a model that sets it apart in a world that often leans on outsourcing.

In FY25, Page planned to invest ₹180-230 crore to expand its Odisha facility.

The goal is to strengthen capacity, streamline operations, and stay ahead of rising demand.

At this scale, investments like these are what keep the engine running smoothly and position the company for steady, long-term growth.

But scale only matters when matched with reach, and Page has built a wide and reliable distribution network.

You can buy Jockey just about anywhere now - in big stores, local shops, online, or even through quick delivery apps.

But it’s the brand’s presence on the ground that really stands out. Getting to this level of visibility didn’t happen overnight. It took years of steady effort, store by store, city by city.

Today, Jockey products are sold through over 104,000 points of sale, including 1,395 exclusive brand outlets, across 2,700+ cities.

What began in metros is now firmly rooted in towns and smaller cities, making Jockey a familiar name almost everywhere in India.

Unsurprisingly, Jockey makes up 99% of Page’s revenue.

That dependence is a double-edged sword as it speaks to how dominant the brand is, but also how exposed the company is to a single line of business.

Page also owns the license for Speedo in India, but it remains a niche player, contributing just 1% to total revenue in FY24.

Page’s numbers tell a steady growth story.

As of July 2025, its market cap stands at around ₹55,000 crore.

Over the past decade, revenue has grown at a 14% CAGR, while return on capital employed has ranged between 50% and 70%.

In Q1 FY26, revenue from operations grew to ₹1,317 crore, up from ₹1,278 crore in the same quarter last year.

Meanwhile, net profit for the quarter saw a significant jump to ₹201 crore, compared to ₹165 crore in Q1 FY25.

For the full year, profit after tax was up 28.1%, driven by strong margins and consistent demand.

So, what’s behind this steady climb?

A few things, actually, including rising fitness awareness, the mainstreaming of athleisure, a sticky brand identity, and relentless distribution.

Of course, no story is without its risks.

Van Heusen, for instance, hit ₹200 crore in innerwear sales in a single year - something it took Page 14 years to do.

More global brands are eyeing India too, entering through partnerships that could chip away at Page’s market share.

Consumer spending is another factor to watch.

If people start tightening their budgets, categories like premium innerwear could see slower growth.

Jockey’s presence across thousands of stores and cities is no accident.

Page has spent years building supply chains, expanding capacity, and getting the basics right.

It hasn’t tried to do too much - just focused on one brand, done well. And that focus continues to pay off.

Sources:

Fortune India
Jockey Press Release and Investor Presentation
Jockey Annual Report 2024-25 & 30th AGM notice
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Outlook Business
Livemint
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