Why Maxwell Industries doesnt hold a candle to Page Industries

I was looking at Maxwell Industries - the owner of VIP Frenchie. Personally the brand recall of VIP frenchie is more in my mind than Jockey. All my underwears are VIP frenchie :wink:

It def has good market share and certainly the most recognizable mens innerwear brand. Then why is it not able to post consistent results. Its sales in 2016 is less than what it did 8 years back in 2008.

Anyone here bullish about Maxwell Industries? What do you think of this story?

No comparision between Page and Maxwell. Also, one must look at promoter quality. How much of Maxwell sales flow to the company ? do some channel checks, lot will be revealed.


best way to find about any company is to scuttlebutt

  1. Go to a VIP Frenchie reseller, they will not be keen to upsell
  2. Go to a Jockey re-seller, they will even cross-sell provided you show some interest
  3. Page Industries has been always looking for innovative ways to increase topline
  4. VIP Frenchie on other hand is basking in past glory
  5. Female lingerie is a very fast growing market for Jockey, more women flock Jockey stores than men. Their average spend is also higer
  6. Speedo is collecting steam as years pass and will surely add to Page’s topline in decent manner

I was bullish on Maxwell; but the promoter ‘quality’ does not inspire confidence. They are living on past glory as rightly observed.

The founder Chairman Mr. Jay Kumar Pathare passed away Last year. His sons have now started restructuring of the company and repositioning the brand. The balance sheet is being cleaned up and SAP ERP has also been implemented. Like Jockey, Standalone stores are being opened and a new CMO has recently joined the company. Hopefully, these efforts will start reflecting in the expected improved results started from the current quarter.


Any more information you have on the same ?

The current quarter results are showing significant improvement in performance and have noticed improved product visibility in stores. Out of the right issue proceeds over 40 cr. is being infused in working capital.Quite hopeful of improved performance in coming quarters.