India's largest innerwear firm, Page Industries, said rival companies are holding up to 12 months of excess inventory, leading to unsustainable business practices such as discounting. Page Industries, which runs Jockey and Speedo stores in India, saw a 7.5% sales drop in the June Quarter. Falling sales of non-essential items, such as apparel and lifestyle products, caused by inflation, higher interest rates, job losses and an economic slowdown, were to blame.