This strategy is also expected to reduce the company’s export and import costs associated with bilateral trade between Australia and India.
Aussiebum, an Australian brand specialising in men’s innerwear and swimwear, is expanding its business in India with plans to establish a manufacturing unit in the country within the next 6 to 7 months. The company, which launched its India operations in October 2023, aims to capture about 5 per cent of India’s innerwear market by the fiscal year 2026. This new facility will cater to both domestic and global markets.
Sean Ashbey, the founder and CEO of Aussiebum, shared that the company is reinvesting profits from its Indian operations back into the country. The goal is to better understand the preferences of Indian customers and to develop products locally. This strategy is also expected to reduce the company’s export and import costs associated with bilateral trade between Australia and India, as their products are currently shipped from overseas. Additionally, Sean mentioned that this move will create employment opportunities for local workers, farmers, and retailers in India.
While not disclosing specific figures, Sean stated that the company is generating strong revenue from its Indian operations and is already profitable. Currently, Aussiebum has manufacturing units in China, Bangladesh, Thailand, and Vietnam and sells its products in over 120 countries.
India’s innerwear market is currently valued at around Rs 481.23 billion and is projected to grow at a compound annual growth rate (CAGR) of 11.5 per cent, with an estimated market size of Rs 269.52 billion by 2025.
News source: Outlook Business