Jockey is an American name and an Indian company’s business. Every Jockey vest, brief and T-shirt sold here is made and sold by Page Industries Limited, a Bengaluru company listed on the BSE and NSE that holds the exclusive licence to the mark from Jockey International Inc. of Kenosha, Wisconsin. Page Industries does not own the brand. It rents it, on a term running to the end of 2040.
That licence is one half of this page; a price is the other. Across 200 Myntra listings read on 11 September 2026, not one Jockey product was selling below its printed MRP. Only one other brand read the same day, Manyavar, came back that way.
Jockey in India is run by Page Industries Limited, a listed Indian company, under an exclusive licence from Jockey International Inc. covering twelve markets and extended to 31 December 2040. A 200-listing sounding on Myntra on 11 September 2026 found 100% of MRP charged and nothing reduced, at a median of ₹559; on jockey.in only 112 of 2,000 products carried a comparison price, and those charged 95.3% of it. All forty declaration records read named Page Industries as manufacturer and India as origin.
- Brand
- Jockey, owned by Jockey International Inc., Kenosha, Wisconsin, which marked 150 years in March 2026
- Operating company in India
- Page Industries Limited, CIN L18101KA1994PLC016554, incorporated 15 November 1994
- Basis
- Exclusive licence for twelve markets, extended to 31 December 2040
- Listed
- BSE 532827 and NSE PAGEIND, listed 16 March 2007
- Promoter holding
- 42.89% at the quarter ended 30 June 2026
- Typical price charged
- Median ₹559, 200-listing Myntra sounding, 11 September 2026; own-store median ₹749
- Marketplace catalogue
- 6,864 Myntra listings, read 11 September 2026
- Country of origin declared
- India on 40 of 40 records read
- Retail reach
- 1,604 exclusive brand outlets and 115,208 points of sale on the company’s slides of 13 August 2026; its earnings call the same day gave 1,640 and 115,871
Who owns Jockey in India
Page Industries sets out the arrangement in its own annual report for FY2024-25. It is “the exclusive licensee of Jockey International Inc. (USA) for the manufacture, distribution, and marketing of the JOCKEY® brand in India, Sri Lanka, Bangladesh, Nepal, Maldives, Bhutan, Oman, Qatar, Bahrain, Kuwait, UAE and Saudi Arabia”. Twelve markets, one Indian company. It also holds the Indian Speedo licence, about 1% of FY2024 revenue on a rating agency’s figure.
The company’s own sustainability report for 2023-24 counts ten markets, leaving out Bahrain and Kuwait. The two documents do not agree; the annual report is the later one.
Page Industries began as Page Apparel Manufacturing Private Limited, registered on 15 November 1994, renamed in August 2006 and made public a fortnight later. It listed on 16 March 2007. The Genomal family is the promoter group at 42.89%, with Sunder Genomal as chairman, V. S. Ganesh as managing director and Karthik Yathindra as chief executive.
The licensor is harder to see through. Jockey International Inc. is a private American company that publishes no shareholder register and no ownership percentages. What it publishes is the phrase “family owned”, in its release of 2 March 2026 marking 150 years, signed by chairman and chief executive Debra S. Waller. That is the whole public ownership record for the name on the garment.
- 1 January 2005Trademark licence; five markets; expiry 31 December 2010
- Two renewal optionsFive years each, carrying the term to 31 December 2019
- 2010Term extended to 31 December 2030; UAE added to the markets
- 13 June 2018Company tells the exchanges: extended to 31 December 2040
Five markets at the 2007 share sale, twelve today, and an expiry three decades beyond the original one. A customs tribunal order records the 2030 term; the 2040 extension was announced to the exchanges.
What the licence costs, and what it controls
The royalty is documented once, in a tax tribunal record. In an order of 24 June 2016 the Income Tax Appellate Tribunal at Bangalore recorded “royalty@ 5% of entire sales” paid to Jockey International, and ₹6.78 crore paid in the year at issue. The customs tribunal in 2024 quoted the agreement itself: royalty falls due “only on Net Sales of Licensed Products invoiced in each Quarter”. The rate under the agreement now running to 2040 is not published, and the annual report does not break royalty out — FY2024-25 gives one ₹185.9 crore outflow covering royalty, imported raw materials, machinery and spares.
The non-money terms come from the prospectus filed with the market regulator in January 2007, describing the agreement then in force. It set minimum sales targets with a make-up payment where they were missed, and allowed termination if the then management ceased to control more than 50% of voting power, if production stopped for 60 consecutive days, or if the company or its suppliers breached their obligations. It carried a mandatory minimum advertising spend of 5% per licence year, which the customs tribunal records the licensor has waived every year since 2005. What was waived is that advertising minimum, not the royalty.
Those terms belong to the agreement as described nineteen years ago; only the current one’s expiry has been disclosed. And on the question this page turns on, no published term of the licence restricts pricing, discounting or channel — not in the prospectus, the annual reports for FY2023-24 and FY2024-25, the business responsibility report or either tribunal record.
One matter has been decided, and it went the company’s way. On 13 March 2024 the customs tribunal at Bangalore allowed Page Industries’ appeals “with consequential reliefs if any in accordance with Law”, on whether the royalty had to be added to the value of imported goods. That order settled a customs valuation question as it then stood, and says nothing about what a garment costs on a shelf.
What Jockey costs in India
Prices here were read on 11 September 2026, when Myntra carried 6,864 Jockey listings. A 200-listing sounding — a sample, not the whole catalogue — found 100% of MRP charged, zero listings reduced, a median charged price of ₹559, 47 distinct MRPs and a single discount rung — no discount ladder at all.
- Median MRP
- ₹559
- Median price charged
- ₹559
- Listings reduced
- 0 of 200
- Checked on
- 11 September 2026
What Jockey’s own shop charges
The brand’s own store runs the same way. Of 2,000 products read on jockey.in, only 112 carried a comparison price at all, and those charged 95.3% of it, at a median of ₹749. A comparison price on a brand’s own shop is the shop’s own struck figure rather than a declared MRP, so it is the weaker number — but 112 out of 2,000 is the telling one. On nine products in ten there is one price and nothing to compare.
The company has stated the policy in its own words. On the Q1 FY27 earnings call of 13 August 2026, filed with the exchange, chief executive Karthik Yathindra was asked about pricing across channels.
Our pricing, we follow a uniform consumer pricing principle, irrespective of the channel of purchase. So there is no quick deals or flash sales or any kind of markdowns at any given point in time for the end consumer.
He added that the company is “in strategic partnership with… majority of the marketplaces where we are operating in outright to ensure that price governance is maintained”. Two increases were disclosed on the same call: 2.5% in January 2026, which management said had nothing to do with input costs, and a 2.2% weighted average in May 2026 tied to raw material costs, which it said did not fully absorb them.
How Jockey compares, read the same way
| Brand | Share of MRP charged | Listings reduced |
|---|---|---|
| Jockey | 100% | 0 of 200 |
| Manyavar | 100% | 0 of 200 |
| Fabindia | 90.4% | 88 of 200 |
| Roadster | 37.4% | 195 of 200 |
| Killer | 30.3% | 190 of 200 |
Myntra, 200 listings per brand, read 11 September 2026.
Among menswear brands read the same way, Snitch collected 95.5% of MRP and DaMENSCH 82.1%. Jockey sits above both, at the ceiling, with one plain consequence for a buyer: the MRP on the pack is the price, and waiting for a sale is waiting for nothing.
The import-duty question does not arise. All forty declaration records named India as the country of origin, and Page Industries makes what it sells, so no customs duty sits inside a Jockey price here. A comparison with American Jockey prices would set two companies’ garments side by side, not one garment marked up.
Who answers for the garment
Every product sold in India carries statutory declarations — MRP inclusive of taxes, net quantity, country of origin, and the manufacturer, packer or importer with an address. That block names who is legally answerable for the goods, not whoever sewed them, and the law permits more than one entity to be listed.
Forty Jockey records were read in full on 11 September 2026. The manufacturer line named Page Industries Limited on all forty, across six spellings that differ only in spacing. Country of origin was India on all forty. Net quantity was declared on 12 of the 40, the weak spot in an otherwise tight block. The seller of record was a trading company, Truecom Retail, on 30 of the 40, with two other seller names across the rest.
That single manufacturer name is worth more than it looks. Read the same way on the same day, Roadster’s forty records named eighteen different manufacturers and Killer’s named sixteen, mostly small trading firms in Delhi and Agra. DaMENSCH is the only brand read here with a tighter block — one string, no variants.
Put the two readings side by side: the two brands charging 100% of MRP each declare one company behind every listing, and the two charging about a third of MRP declare sixteen and eighteen. Whoever sets the price also appears on the line that says who answers for the garment.
Where Jockey is made
The company’s August 2026 slides give 16 manufacturing units — 14 in Karnataka, one in Tamil Nadu, one in Odisha — across 2.9 million square feet, with 64% of production in-house. Its own reports print different capacity figures year to year: 280 million pieces in FY2023-24, 250 million in FY2024-25, 280 million again in 2026. The one output figure published is FY2023-24: 208.27 million pieces, 207.66 million of them Jockey.
The certifications, and what they do not test
Page Industries publishes a real certification stack, including four ISO management standards covering quality, environment, safety and energy. Its business responsibility report for FY2025-26, as carried in a market report of 19 July 2026, states 100% WRAP certification across all manufacturing units and 100% OEKO-TEX certification for fabric, elastic, yarn and label suppliers.
Read those two precisely; they are routinely taken for something else. WRAP — Worldwide Responsible Accredited Production — certifies factory conduct: hours, wages, safety, how workers are treated. OEKO-TEX Standard 100 tests material against a restricted-substance list for harmful chemicals. Neither is a performance test, and neither covers fibre content, shrinkage, colourfastness, durability or comfort.
Behind the comfort and fabric claims a buyer is actually paying for, no test is published. The sustainability report names a laboratory accreditation but carries no test result, standard or report against any product claim, and nothing on the brand’s own site does either. That is not to say the fabric would fail a test — only that a buyer cannot see one.
The fabric weight is missing too. None of the 2,000 product descriptions read on jockey.in carried a GSM figure — grams per square metre, the number separating a summer-weight T-shirt from a winter one. XYXX is the one Indian innerwear brand read here publishing any. On this measure Jockey sits with the market, not ahead of it.
What the accounts and the complaint counts show
- FY2023-24₹4,569 crore revenue, ₹569 crore profit
- FY2024-25₹4,935 crore revenue, ₹729 crore profit
- FY2025-26₹5,247 crore revenue, ₹764 crore profit
Whole-company figures, Jockey and Speedo together.
Audited results for the year ended 31 March 2025 for the first two years; FY2025-26 from the results announcement of 21 May 2026.
One caution. The company’s business responsibility report gives FY2023-24 turnover as ₹4,582 crore where the audited results give revenue from operations of ₹4,569 crore — about ₹12.5 crore apart, on different labels, with neither document explaining it.
The complaint counts are the company’s own disclosure, and they have moved. For FY2023-24 it reported 29,272 consumer complaints filed during the year, 464 of them still open at the close. For FY2025-26, reported in July 2026, the count is 73,747 received, with 3,630 pending. Two years, two and a half times the number, with no explanation attached — and few Indian apparel companies publish it at all.
Buying Jockey in India
Treat a deep discount as a warning, not a win
On 11 September 2026 not one of 200 Myntra listings was reduced, and the brand’s own store charged 95.3% of its comparison price on the few products carrying one. A Jockey listing at half price is out of step with everything else selling that day.
Read the declaration, and read the seller name too
All forty records read named Page Industries Limited and India. A listing naming another manufacturer, or no origin at all, is not the same supply chain — and the seller of record on 30 of the 40 was a trading company, so returns may run through a name you have not seen.
For a pack, buy where the pack is sealed
Counterfeits — “first copy” goods, in the usual Indian phrase — are a risk for any brand sold at this volume, and no published estimate says how common Jockey fakes are. The exclusive outlets and jockey.in take the question off the table.
Who Jockey is actually for
If you buy innerwear once or twice a year, want the same fit every time and would rather not learn a discount calendar, Jockey is built for you. A median of ₹559 on the marketplace and ₹749 on the brand’s own store buys from a company that makes the garment in its own units and does not move the price around.
If price is the only variable, this is not your brand. A value chain like Zudio sells basics at a fraction of it, and nothing here is reduced, so there is no route to Jockey at a discount. If you want published fabric specification — weight, a tested claim, a named treatment — you will not find it. You are paying for fit, consistency and a name.
How we research and verify brand audits: our methodology.
Common questions
Who owns Jockey in India?
The brand is owned by Jockey International Inc. of Kenosha, Wisconsin. In India it is operated by Page Industries Limited, a listed Bengaluru company, as exclusive licensee for twelve markets under an agreement extended to 31 December 2040. Page Industries makes, distributes and markets the goods; it does not own the mark.
Is Jockey made in India?
The Jockey sold here is. All forty marketplace declaration records read on 11 September 2026 named Page Industries Limited as manufacturer and India as the country of origin. The company reported 16 manufacturing units in August 2026, 14 of them in Karnataka, and produced 207.66 million Jockey pieces in FY2023-24.
Does Jockey ever go on discount?
Not on the day this was checked. Of 200 Myntra listings read on 11 September 2026, none was reduced, and on jockey.in only 112 of 2,000 products carried a comparison price, charging 95.3% of it. The company’s stated policy, given on its August 2026 earnings call, is one consumer price in every channel, with no markdowns at any time.
What do Jockey’s WRAP and OEKO-TEX certifications actually mean?
WRAP certifies factory conduct — working hours, wages, safety and the treatment of workers. OEKO-TEX Standard 100 tests materials against a restricted-substance list for harmful chemicals. Neither tests how a garment performs, so neither covers shrinkage, colourfastness, durability or comfort claims.
How much does Page Industries pay Jockey International?
The one documented rate is 5% of sales, recorded by a tax tribunal in 2016 for the agreement then in force, with ₹6.78 crore paid in the year at issue. The rate under the current agreement is not published, and the annual report folds royalty into a combined outflow line with raw materials and machinery.
References
- Page Industries, Annual Report FY2024-25 — the twelve-market licence wording, the Speedo licence, the 2040 term, 16 units and 250 million pieces, store counts, and the ₹185.9 crore combined foreign exchange outflow
- Jockey India, Sustainability Report 2023-24 — the ten-market licence wording, 14 facilities, FY2023-24 production of 208.27 million pieces, and the ISO, WRAP and OEKO-TEX certifications
- ZaubaCorp, a mirror of the corporate register — CIN, incorporation on 15 November 1994 and the registered office
- Page Industries, draft red herring prospectus, 4 January 2007 — the original company name and name changes, the licence dated 1 January 2005, the five markets, the 31 December 2010 expiry with two five-year renewals, the minimum sales targets, and the change-of-control, 60-day and supplier-conduct termination clauses
- Screener, read 11 September 2026 — promoter holding of 42.89% at the June 2026 quarter and the compiled revenue and profit table
- Page Industries, corporate governance page — the current board and designations
- Jockey International, press release, 2 March 2026 — the 150th year, the “family owned” description, and Debra S. Waller as chairman and chief executive
- Broker report hosted by Business Standard, 7 October 2010 — the extension of the licence to 31 December 2030, the addition of the UAE, and the 5% royalty on net sales
- Business Standard, 13 June 2018 — the exchange filing extending the licence to 31 December 2040
- Income Tax Appellate Tribunal, Bangalore, 24 June 2016 — royalty at 5% of sales and ₹6.78 crore paid in the year at issue
- Customs, Excise and Service Tax Appellate Tribunal, Bangalore, 13 March 2024 — the royalty base clause, the 2030 term, the waiver of the 5% advertising minimum since 2005, and the order allowing the appeals
- Page Industries, Q1 FY27 earnings call transcript, 13 August 2026 — the uniform pricing and price governance statements, the January and May 2026 price increases, and the store and outlet counts given on the call
- Page Industries, Q1 FY27 investor slides, reported 13 August 2026 — 16 units across three states, 2.9 million square feet, 64% in-house production, 1,604 exclusive brand outlets and 115,208 points of sale
- Page Industries, audited results for the year ended 31 March 2025 — FY2023-24 and FY2024-25 revenue and profit
- ScanX, 21 May 2026 — the FY2025-26 revenue and profit announced by the company
- Page Industries, business responsibility and sustainability report FY2023-24 — turnover of ₹4,582 crore, 14 plants, and 29,272 consumer complaints with 464 still open
- ScanX, 19 July 2026, reporting the FY2025-26 business responsibility report — 100% WRAP and OEKO-TEX coverage, and 73,747 customer complaints with 3,630 pending
- ICRA, rating rationale for Page Industries — the Speedo licence and its share of FY2024 revenue, and the licence validity to 31 December 2040
Jockey in India is the clearest case on this site of a licensed brand run as though it were owned. Page Industries makes the goods in its own units, puts its own name on the statutory line of all forty records read, and charges the printed price. Against Roadster’s eighteen declared manufacturers and Killer’s sixteen, one company behind every listing is worth real money to a buyer who has to complain — and at a median of ₹559, not an expensive certainty.
What you are not getting is anything to check. The certifications cover the factory’s conduct and the material’s chemistry, and no test is published behind a single comfort or fabric claim; not one of 2,000 product descriptions carries a fabric weight. The complaint count in the company’s own filings went from 29,272 to 73,747 in two years. And the business rests on a contract nobody outside the two companies has read — twelve markets and an expiry date are all that has been disclosed.
Buy it for the accountability and the flat price, not for anything the label claims about the fabric — and stop waiting for the sale, because on the evidence of 11 September 2026 there isn’t one.
