Undressing the lingerie market - Evolution and Global Perspectives

Undressing the Lingerie Market (EXCERPT)
Marketing Research
February, 2015
Evolution and Global Perspectives

Undressing the Lingerie Market
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1. A look at the Global Lingerie Market. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
1.1. Market overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
1.2. Distribution of underwear purchases by retail channels. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
1.3. Top market players. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
1.4. Case studies. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
1.4.1. Victoria’s Secret. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
1.4.2. La Perla. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
1.4.3. Intimissimi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
2. Emerging trends and new opportunities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
2.1. Brand extensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
2.2. Product ranges. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
2.3. Shapewear lingerie. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
2.4. E - commerce. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
2.5. Emerging markets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Index

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1. A look at the Global Lingerie Market

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The Global Underwear market comprises, in itself, three complementary business categories: corsetry, lingerie and hosiery. Corsetry
holds the highest market share due to the higher price points of bras and corsets and the vast product range offered extending from high-
performance athletic bras to luxurious hand-stitched corsets. In the category of lingerie, is where fabrics innovation is mainly regarded
with new shapes and products being constantly developed. The hosiery category, is the smallest in terms of value but consistent in terms
of volume.
Global Underwear Market is estimated to have grown around €23.78bln in the recent. Although, it has historically demonstrated considerable
resilience compared to other markets, the recent recessionary pressures and the increased market saturation and fragmentation have
weighed on the industry players, with most of them growing only modestly in 2013/14. As the economic market recovers, expenditure
on underwear is expected to increase, as well. The growth is driven by variable trends in underwear sales in countries around the world.
1.1. Market Overview

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1.2. Distribution of Underwear Purchases by Retail Channels
29+28+16+13+14+0+d
Specialty Stores (e.g,
Nordstrom, Macy’s)
29.4%
Mass Merchandisers (e.g., Wallmart,
Target, Carrefour )
28.1%
Department Stores (e.g.,
Sears, JC Penney)
16.2%
Monobrands
12.5%
Others (online, outlets,
pharmacies etc.)
13.8%
Underwear is distributed via a plethora of different retail channels. In 2014, the dominant channels lost market shares; whereas brands’
directly operated stores (i.e, monobrands) and the online channels have made considerable gains. Nonetheless, consumers still prefer
specialty stores and mass merchandisers due to consumption habits related to the product category. Underwear purchases are often
secondary, adjunctive to other apparel or consumer goods purchases.

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1.4.2. Case study: La Perla
The brand’s acquisition by the London-based company, Pacific
Global Management, helped La Perla to introduce a completely
new strategy and become one of the most recognizable
lingerie brands on the luxury market segment. The great
success was achieved through clever techniques aimed to link
La Perla with a sense of true luxury. New strategy underlines the
refinementbehindthebrand’sproductsandcommunicates
its heritage through more of a contemporary spirit. La
Perla invites the most recognizable models to become faces
of its sophisticated Advertising Campaigns, for example, Cara
Delevingne, starring in the SS2014 ads. The brand is also
extremely active when it comes to promoting its products
through exclusive press - La Perla’s intimates can be spotted in
Vogue or Harper’s Bazaar editorials around the globe. It carefully
selects the communication channels in order to provide the
coherent image of luxury where sophisticated sexuality is
an understatement.
In order to enhance the prestigious image, La Perla has
recently launched a made-to-measure service, described
by the brand’s global director as the offer of “the spirit of the
atelier and the emotion of having something really unique,
sewn by hand and, in some cases, made precious by the use
of gold thread”. Other recent activities include the re-launch of
loungewear and beachwear collection for men - La Perla
Pitti. The brand collaborated with British Style collective, The
Sartorial 7, to introduce the new concept of SS2015 menswear
during the Pitti Uomo 2014 show in Florence.
The new strategy is also highly focused on expanding the
distribution, with the creation of 30 new company-owned stores
in 2014, as well as renovations of already existing branches.
Cara Delevingne in La Perla Campaign SS2014
Kate Moss wearing La Perla in British Vogue editorial
December 2014
La Perla Made-to-Measure Campaign FW2014
La Perla Men Camapign SS2015

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1.4.3. Case study: Intimissimi
Intimissimi is the underwear specialist that belongs to one of the
top market players - Calzedonia Group. Over the last decade,
Intimissimi has become the leader on the European lingerie
market due to its remarkable competence to read and
immediately react to all contemporary market trends.
The brand’s strategy strongly relies on maximizing its
retail presence. In 1996, Intimissimi took the chance and
introduced sophisticated and high quality lingerie at reasonable
prices to the European customers. After its enormous success in
the domestic market, the brand decided to extend its reach and
currently, Intimissimi is the most rapidly expanding underwear
company in the world. Today, the Calzedonia Group owns more
than 3600 boutiques around the globe and is making efforts to
take over Middle-East and Asia - the brand has already entered
the Asian market in July 2013, with its first store in Hong Kong.
Similar to Victoria’s Secret, Intimissimi is also becoming
more and more active in creating memorable experiences
rather than just products offering. In September 2014, the
brand organized the glamorous Ice Opera Pop event in Verona -
combining the figure skating, music, special effects and beautiful
show costumes inspired by Intimissimi lingerie.
Due to its mass-market approach, recently Intimissimi decided
to increase its reach and push up the brand awareness through
entering into collaborations with the Online Influencers.
Famous Italian fashion blogger-celebrity, Chiara Ferragni,
actively supports the promotion of the brand by spreading chic
editorial pictures wearing Intmissimi lingerie via her blog and
social media channels. It allows the brand to reach millions of
people around the globe and increase the recognisability
of its products.
Intimissimi Campaign FW2014 Intimissimi Winter Tale Campaign 2014
Chiara Ferragni for Intimissimi, November 2014Glamorous models attending the Intimissimi Ice Opera Event,
September 2014

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2. Emerging trends and new opportunities

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2.2. Shapewear lingerie
The market of plus size and shapewear underwear is booming. These two categories
are expected to rapidly grow due to the rising level of obesity and the increasing
popularityofe-commerceshoppingamongtheplussizecustomers.Brandsaremaking
efforts to attract new customer groups by offering attractive and sexy shapewear
underwear in order to make it more desirable. Triumph, for example, offers a wide
range of shaping intimates. The enormous success of Spanx proves that shapewear
underwear is becoming a hit, both among the curvy and slimmer ladies. Hollywood
celebrities like Julia Roberts, Jennifer Lopez, Scarlett Johansson, Beyonce or Jessica
Alba have already become the fans of the brand.
“The Best Lingerie Comes in All Sizes” Voogue, November 2014 Spanx shapewear
Triumph Shapewear Collection

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2.4. E-commerce
The rapid growth of E-Commerce has spread to the underwear
market, and nowadays represents simultaneously a great
prospective growth driver and a competitive arena where only
the versatile and agile brands will be able to thrive.
As the importance of fit was crucial for this market’s products,
this industry players were late channel entrants. Today though,
comprehensive size guides are developed and offered online
alongside good delivery and customer care services, and
the growth inevitably accelerates. The issue of misfit remains
present, as a considerable amount of consumers are putting off
only purchases affected by the aforesaid consideration.
On the other hand, the online channel offers a great alternative to
consumers feeling uncomfortable while shopping for intimates.
No sales “cannibalism” has been noted so far with online stores
and channels healthily competing with brick-and-mortar stores.
The growth is regarded in both mature and emerging markets,
with Chinese and Russian consumers strongly opting for online
intimates purchases.
The Chinese top e-commerce platform Taobao, reported during
Singles’ Day celebrations, total sales of ¥6.7bln (€880 million),
untapping an incredible potential for underwear brands in the
market.
Among the e-tailers offering an extensive underwear portfolio
are Asos, Zalando, Bloomingdales, Nordstrom and House of
Fraser, with the latter being the largest stockist.
British etailer Asos.com has an exteded and well-performing underwear offer for both men and women

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This is an excerpt from
“Undressing the Lingerie Market
Evolution and Global Perspectives”
(http://fashionbi.com/omni-search/publication)
The full Marketing Research contains in-depth analysis on the booming underwear and lingerie market
- a sector that has long experienced resilience and social pressures, especially in the emerging Asian
and Middle Eastern markets. Today, these markets, along with many others are contributing highly to the
growth of this sector which is only likely to grow in the near future.
To access the full marketing research and more, become a member today: http://fashionbi.com/signup/member
or learn more from our website
> Lingerie market overview, sales and growth forecasts
> Retail distributions and consumers buying behaviours
> Top market players and their successful strategies
> Brand extensions and other popular tactics in the industry
> New styles, product extensions and wider reach
> Lingerie and E-commerce: growth and trends
> Current and future e-commerce market trends
> Asia, South America and EMEA as potential markets
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Undressing the lingerie market - Evolution and Global Perspectives

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Undressing the lingerie market - Evolution and Global Perspectives