China's luxury underwear market trends

Introduction: With the growth of income and the improvement of living standards, underwear as a necessity of daily life is also becoming more and more important. Underwear has the functions of absorbing sweat, shaping, setting off the body, keeping warm, etc. In this era of advocating “love yourself well”, luxury underwear has naturally gained more attention. What is the current trend of the Chinese luxury lingerie market?

1. Historical data: In 2015, the turnover of Chinese luxury underwear accounted for 1/3 of the entire underwear industry

Angelito Tan, co-founder of RTGConsulting, a luxury consulting firm, said that in the Chinese market, last year luxury lingerie accounted for one-third of the $20 billion turnover of the entire lingerie industry. According to Mintel Group data, the size of the Chinese female underwear market has more than doubled in five years.

2. Short-term market forecast: It is estimated that the retail value of Chinese female underwear market will reach 25 billion US dollars in 2017

Euromonitor International also stated that the retail value of the Chinese women's underwear market is expected to reach 25 billion U.S. dollars in 2017, which is twice the U.S. market, and will grow to 33 billion U.S. dollars in 2020. The popularity of China's high-end lingerie market is also evident in the schedule of “sexy coffee lovers”.

3, major international luxury underwear brands have opened stores to seize the market

Victoria's Secret, an American brand, has planned to open its first full-line flagship store in mainland China in Libao Plaza on Huaihai Middle Road in the winter of 2016. The collection includes signature lingerie collections including BombshellTM, Very SexyTM, Dream AngelsTM, Bodyby VictoriaTM, TheLacieTM and Bodyby Victoria.

Pride of Italy's top luxury fashion - LaPerla, representing noble dreams, has opened 15 stores in China, and currently plans to open two stores in Chengdu and Chongqing. Not only that, the brand is also preparing to open a men's underwear in Beijing. shop. In addition, in order to expand the local market, LaPerla will use Chinese supermodel Liu Wen in the commercials.

The German brand triumph, which already has 1,000 stores in China, is also planning to open stores in five new cities this year and will open 11 stores next year.

The British high-end underwear brand Agent Provocateur (AP) has at least 7 stores in mainland China. The turnover of Beijing stores has increased by 30%, and 70% of sales in Greater China have come from underwear. Underwear and body sculpting underwear are the best sellers. AP said that the brand stores will exceed 20 in the next few years.

4. The domestic underwear brand aims at the luxury lingerie market and gradually adjusts the product structure

At present, the domestic high-end underwear market is relatively decentralized and does not occupy the dominant brand position in the market. Therefore, under the gloomy conditions of the global market, overseas underwear brands will use the Chinese market as a key area for enhancing overall sales.

Of course, our domestic underwear brands such as Beijing Aimu, Manifin and Odifin also have the potential of the luxury lingerie market, and have been continuously improving product quality and targeting high-end customers.

The urban beauty of the listed company focusing on the mass market, in order to expand its position in the high-end market, acquired the Odifen brand in 2015

It is worth noting that Japanese and Korean brands are also increasingly popular in China. Such as Japanese brands Wacoal and Narue, due to more intimate details, more diversity, to become the advantage of PK domestic brands.

Compared with bags, although underwear prices start at a low level, they are still at the luxury level. The growing middle class in emerging markets such as China has been chasing unattractive luxury after satisfying the luxury of bags and clothing. Underwear and home wear have comprehensively improved the overall level of lifestyle.

5. The underwear industry develops in twists and turns

Although the high-end underwear has a broad prospect, it is not always plain sailing. For example, the urban beauty has 8,600 stores in China (including 153 stores of Oudifin). Although last year's brand mass market performance grew strongly, as of June 30, 2016, revenue was 2.211 billion yuan, an increase of only 0.2% year-on-year. %. The net profit was 174 million yuan, a year-on-year drop of 35.63%. This phenomenon is mainly affected by online sales competition and the slowdown of China's economic growth, and consumers are more cautious.

Therefore, as far as the current situation is concerned, although the growth of the Chinese luxury goods market has been frustrated, the growth momentum of the luxury underwear market has started and China's luxury underwear market will continue to develop in twists and turns.