The core pillar of Park Avenue is its innovativeness – something that is soundly reflected in its innerwear category as well. The category has worked hard towards strengthening the mother brand’s portfolio by offering complete solutions to its customers, both primary and secondary.
Product innovations include revolutionary concepts like ‘health socks’ and a ‘seamless range of briefs and vests’ with bio-wash finishes has served to add tremendous value to the category.
The brand offers a complete range of men’s innerwear portfolio such as briefs, vests, trunks, socks, thermals, gym vest, track pants, lounge t-shirts, boxers etc. Innerwear from Park Avenue is segregated into three categories: Core, Fashion and Sports.
Core is the premium category and offers seamless briefs and vests, Fashion offers innerwear in trendy colours and Sports is known for the comfort.
Talking on the product expansion plans, Srikanth Ram, Business Head, Park Avenue – Innerwear & Accessories says, “We are expanding our collection of boxers shorts and no-show socks. We will adding 15 percent to the overall category.”
Park Avenue boasts of a wide distribution network with presence in more than 700 ‘The Raymond Shops’, over 100 EBOs and more than 1,000 MBOs. Park Avenue also enjoys its presence in large format stores like Central.
As far as percentage share of revenue is concerned, Multi Brand Outlets (MBOs) contribute around 80 percent of total business of the brand, Exclusive Brand Outlets (EBOs) contribute around 15 percent and other channels contribute the rest 5 percent of the business.
Sharing the expansion plans of the brand, Shrikanth shares, “Going forward, our main focus area will be MBO and e-commerce. Also we are adding new categories in Loungewear like boxers and thermals to acquire atleast 2 percent market share by 2021.”
Read The Complete Story in The August Issue of Our Flagship Magazine, IMAGES Business of Fashion