Lingerie market has occupied a significant position in the apparel industry in recent years as it not only serves its functional benefits but also is considered as an basic necessity to every woman. The global lingerie market has been bifurcated on the basis of product types into bras, knickers and panties, lounge wear, shape wear and others which includes baby doll, corsets, chemises and chemisoles among others. Bra as an essential necessity and also a fashion accessory to every women and it has captured the largest market share in 2015. Knickers and panties also occupied a significant position in the same year, thus contributing significantly to the overall market size of the lingerie industry.
The market is further segmented on the basis of distribution channel into online stores and storefront. Online stores captured the largest market in 2015 due to high penetration of internet services and rapid advancements in the field of technology, thus creating a strong platform for the manufacturers of lingerie Further, the e-commerce giants are engaged in strong promotional activities due to which they provide with continuous discount options and various other offers which attract both consumers and manufacturers to avail this platform.
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Females in the developing countries are experiencing latest trends towards carrying themselves in public. They are changing their outlook towards accepting innerwear as a casual affair and take time to choose and make a purchase. The outerwear of women has undergone a dramatic change and due to this women prefer selecting inner wear, especially bras that can match with their attire. They try to purchase lingerie depending on the occasion or event, such as there are special sport wear bras for gymnasium purpose. It can be demonstrated from the product differentiation brought by the lingerie manufacturers over online and retail stores. Thus this is a key factor complementing the growth of the global lingerie market. Lingerie has witnessed a rapid acceptance in the fashion industry. Women from all backgrounds want to try out the latest trends in the inner wear segment. Most of the large brands have exclusive stores in shopping malls or independent stores. In developing countries like India and China, brands like Jockey try to reach out to customers through small roadside innerwear shops. Additionally, lingerie is available at stores as well as online. Brands like Victoria Secret have country specific websites for easier transactions and shipment.
Global Lingerie Market: Restraints
However, the lingerie wear maintains high cost for advertisement and other marketing promotions. This is due to the cost of celebrities or models that are hired for being featured in the photo shoots. Moreover, the destination or location cost of the photo shoot depends and therefore larger brands do not compromise in keeping high cost for their lingerie wear. Therefore, this factor is majorly hindering the growth of the market and the impact of the same is likely to reduce by the end of the forecast period.
Global Lingerie Market: Opportunities
Moreover, the global lingerie market is experiencing moderate growth in the apparel segment as nowadays individuals are more inclined towards branded items, most of which are usually priced on the higher end. People from all backgrounds and income group want to avail a comfortable and lasting inner wear that can be fashionable as well as skin-friendly. There are many local brands or companies that manufacture cheap quality products to cater to the wide population in the under developed or developing countries. Mergers and acquisitions are a strategic way of entering the market and understanding the current needs and preferences of the population. Through this, the large companies will benefit in capturing the market and at the same time, will enable the small companies to fight for a better position in the market.
Global Lingerie Market: Regional Outlook
Moreover, in this report the study provides different countries included in different regions such as North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America includes U.S. and Rest of North America. Europe includes U.K., Germany, France, Russia, Italy and Rest of Europe. Asia Pacific includes countries such as India, China, Japan and Rest of Asia Pacific. In addition, Middle East and Africa includes country such as UAE, South Africa and Rest of Middle East and Africa. Latin America comprise of countries such as Brazil and Rest of Latin America
Asia Pacific is anticipated to witness the fastest growth during the forecast period. Transition in the lifestyle of the consumers which is backed by rapid urbanization and increasing purchasing power is a major factor behind the high growth of this market in Asia Pacific. Further, consumer exposure to the same by way of advertisements through televisions, and print media among others is another key factor responsible for the growth of the Lingerie Market in this region.
Some of the major key players operating in the global lingerie market are, Jockey International Inc. (Kenosha, Wisconsin, U.S.), Hanes (North Carolina U.S.), Groupe Chantelle (Cachan, France), LVMH (Boise U.S.), L Brands Inc. (Columbus, Ohio), MAS Holdings Limited (Colombo, Sri Lanka), Ann Summers (London, U.K.), Marks and Spencer (London U.K.), PV H Corporation (New York, U.S.) among others.
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