Mumbai: Sara Lee Corporation yesterday announced that it is foraying into the Indian apparel market. Sara Lee Apparel (India), its 100 per cent subsidiary, has introduced Hanes men''s innerwear brand. Hanes is Sara Lee''s biggest apparel brand with annual sales of $2.2 billion in 2003.
Krishna Ramanathan, country head & director, Sara Lee Apparel (India), said," The Indian consumer is rapidly evolving and the retail landscape in India is also changing very fast. Given the current scenario, India is emerging as a key strategic market for Sara Lee."
The company will be bringing into India its other key global brands -- Hanes Her Way, Champion, Playtex and WonderBra, to name some, in future.
The mens innerwear market is estimated to be worth some $560 million (Rs 2,500 crore), of which the branded market is valued at $ 150 million (Rs 700 crore) and is projected to grow by 8 per cent a year.