What my neighbourhood jockey dealer has to say about the brand


  • Earlier jockey was into premium range only, now its available at all price points
  • Indian brands like Rupa, Euro would cost you 90-100 for an undi whereas you can get a Jockey at 120
  • There are five separate distributors for different segments/range
  • So, out of the 6 working days in a week, five days you have a different Jockey distributor sitting in your shop and taking order. You order today and its delivered the next morning
  • Both distributors and dealers get credit of 15-30 days, however PDCs are given at the time of ordering. 2% discount for cash payment
  • Dealers are given 20% margin and mostly sell on MRP, its unlikely you would get discounts anymore
  • Very happy with company and the brand, value-for-money products – Good quality stuff with lots of variety
  • Company over time has built a strong brand name and there is a huge brand pull
  • Few days ago a rickshaw puller came asking for Jackey underwear, this guy couldn’t even pronounce it properly and when I suggested buy a cheaper one like Rupa he replied ‘sahb do ki jagah ek lunga but cheez toh achi ho’ 🙂
  • Youth has spending power and most of them prefer only branded wear
  • Jockey has top-of-the-mind recall and there is just no brand close to it
  • Denizen came 3/4 years back and tried to make a dent, its dead now. Stock still lying with me. Doesn’t sell at all.
  • Euro, Rupa are not doing good
  • Other than Jockey only Dixy Scot is doing fine because of Salmaan Khan endorsing it
  • Last winter I ordered Jockey thermals, however distributor was sold out hence never got stock
  • This year ordered in Shraadh itself; 150 pieces are lying in my shop now. Each piece costs 475/-
  • In last 10 years, dead stock has been close to zero
  • One of my distributors (for a particular range of articles) had a target of 50 lacs for October, he is already very close to it.
I know though I am late; its still a classic Peter Lynch kind of stock pick. I haven’t gone too much into financials yet, FY13 EPS was ~Rs 100 and Kotak Institutional Equities estimates FY14 and FY15 EPS at 137 and 170 respectively which implies a forward PE of 25 times for a business that earns 70% RoCE / 60% RoE on OPM of 20% / NPM of 13%, pays out 50% of profits as dividend, has grown profits at 36% CAGR over past 5 years.
It has a wide range of offerings from undergarments to sports wear which has huge potential even going forward.
It could be worth looking at Page Industries as an addition to one’s long-term portfolio.
PS: If you track Page Industries or you have any inputs to share on Jockey or its products, do leave your comments. Thanks!

7 responses to “What my neighbourhood jockey dealer has to say about the brand”

  1. Vivek Gautam Avatar

    Great informative post .keep up the good work.

  2. sagheero Avatar

    Fairly rich, but deserves that valuation as you mentioned due to its 60%+ return ratios. Has a long way to go, addressable mkt is huge. Ladies wear will also pick up tremendously. 20-30% earnings growth for next 4-5 yrs? We can buy at any price level and price will eventually track earnings growth. Then it will become a TTK prestige kind of situation where you decide to take profits off the table or remain invested

  3. Vishu Avatar

    Have been tracking it since it was 3000 a year back and didn’t buy it thinking its too expensive! Consistent good performance makes this stock a great bet to participate in consumption story. Management should look at stock split to make it more affordable

  4. Niteen Avatar

    Why is promoters selling the stock? From Sep 2012 to Dec 2013 they sold 1,34941 shares?

  5. tanushree shukla Avatar

    sir i want in jockey company as a distributor in m.p indore so please till me how can i contact with our company .

  6. nitin Avatar

    Hi, was fortunate enough to buy it intially 3300, and my recent buy is at 12500, I think its a long story!!!!!!!!!!!!!!!!!!!!!!!!!

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