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Increased Penetration Of Online Channel Is To Fuel The Demand For Lingerie
According to the latest report published by Credence Research, Inc. “Global Lingerie Market - Growth, Future Prospects and Competitive Analysis, 2018-2026,” the global lingerie market was valued at US$ 38.69 Bn in 2017, expected to grow at the CAGR of 4.5% from 2018 to 2026.
Browse the full report Global Lingerie Market - Growth, Future Prospects and Competitive Analysis, 2018-2026 report at https://www.credenceresearch.com/report/lingerie-market
Lingerie is considered a necessity as well as a fashionable product for every woman across the globe. High-end brands such as Victoria’s Secret, Calvin Klein, Adore Me among others are gaining popularity owing to rising inclination of women towards the purchase of fashionable intimate wear. Globally, Victoria’s Secret captured 35% of the market share of women’s lingerie in 2017.
Growing focus of women towards different sporting activities is a major factor driving the demand for lingerie at present. For instance, rising number of women participation in Olympics is driving the demand for sports bras. Women prefer sports bra as they provide benefit during the time of exercise and different sporting activities. Adapting to such preferences in 2018, Reebok launched a technologically advanced sports bra that adapts and responds with body movement and provides considerable control and support.
The global lingerie market segmented into product type and distribution channel. By product type, the market segmented into bra, knickers and panties, loungewear, and shapewear among others. In 2017, the bra segment dominated the market with more than 40% market share in terms of value across the globe. The market further segmented into distribution channel such as online channel, hypermarkets, specialty stores and others. Online channel gained popularity in recent years and expected to witness the fastest growth during the forecast period. The marketing strategies adopted by the companies such as Adore Me includes aggressive research and development upon the trends towards online shopping. For instance, in 2018 the company adopted artificial intelligence technology to strengthen the company’s efforts towards marketing. Earlier in 2017, the company started Facebook chat as a medium to interact with the consumers regarding the presale and post-sale queries related to lingerie.
Based on geography, Europe led the lingerie market in 2017 in terms of value and volume. Consumers in Europe prefer functional lingerie to fashionable lingerie and are inclined towards online purchase of lingerie. Companies such as European Lingerie Group (ELG) adopts strategies such as expansion of product portfolio geography and sales channel. In 2017, ELG acquired Switzerland based company, Felina International in order to expand its product portfolio. Again, in 2018, ELG expanded its distribution channel by operating online, which has resulted the company to address a broader consumer base.
Product innovation, mergers and acquisitions are some of the key strategies adopted by the major manufacturers of lingerie in order to maintain long-term sustenance in the lingerie market. In 2017, Calvin Klein, a part of Philips Van Heusen acquired True & Co. , an e-commerce company in order to strengthen the company’s online sales and big data analytics associated with it. True & Co. focuses on displaying product features along with guidelines for better understanding regarding different sizes of the products. Preference towards online shopping and customer feedbacks resulted in new product launches of different companies. For instance, in 2017, Third Love, a startup of lingerie, launched skin toned bra and underwear products based on the customer demands towards such colors.
The players operating in the lingerie market are highly competitive and fragmented in nature. Some of the major players of lingerie market are Jockey International Inc., L Brands Inc., PVH Corporation, Wolf Lingerie, Groupe Chantelle Hanesbrands, Fruit Of the Loom, Amante among others.
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