Strong Growth Momentum Of China'S Luxury Underwear Market

What are you still selling LV Hermes Is it? Don't you know that luxury underwear has great potential in the Chinese market?

Since the introduction of sexy underwear in the 1920s, Western style bras have expanded in China. Now China has become the largest underwear manufacturing base in the world, but luxury sexy underwear has only begun to attract Chinese consumers in recent years. Compared with the growth of China's luxury market, the luxury underwear market is an exception, and the market growth momentum has just begun.

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The rich Chinese tend to pay the same attention to underwear as to outerwear, so high-end underwear brands from all over the world have poured into the Chinese market.

In October, London luxury underwear brand Agent Provocateur opened its first independent store in Hong Kong, while there are seven stores in mainland China. Not long ago, La Perla, an Italian competitor, also opened its 14th Chinese store in Causeway Bay, Hong Kong. On November 12, La Perla North District's first men's boutique opened in Beijing.

La Perla started to launch men's clothing stores in the last month of last year, mainly selling $200 silk underpants and $3000 silk clothes. High end underwear is not just a market for women. According to the article "China's anti-corruption benefits underwear" reported by the Wall Street Journal at the beginning of the year, hundreds of dollars of expensive underwear are selling well in underwear stores across China.

Today, the growth of China's luxury market is slowing down, but the underwear turnover is expected to grow by 18% this year. According to Angelito Tan, co-founder of RTG Consulting, in a recent interview with Women's Wear Daily, luxury underwear accounted for one third of the $20 billion turnover of the entire underwear industry in China last year. The article also points out that the turnover of Agent Provocateur's Beijing store increased by 30%, while that of La Perla's Asia region increased by 40%, largely due to the contribution of Chinese consumers.

Agent Provocateur and La Perla clearly see strong consumer demand in Asia. Chinese customers are famous for their rush for famous brand bags, jewelry and watches. However, as the government's strict economic action has made officials shy of buying such goods, people are also reluctant to pay attention to luxury trademarks and show off their wealth, but many people seem to start showing off their wealth under their clothes. Agent Provocateur, a senior underwear brand in London, revealed that more than 70% of the growth in performance in China came from sexy red body hugging bras. At present, it is very popular for Chinese women to add a coat over sexy underwear. The CEO of the inside spy said that Chinese consumers prefer elegant and sexy products.

There are not only high-end products entering the Chinese market brand There are more mid-range brands, such as the French brand Etam, which recently opened its first store in Shanghai's Chia Tai Plaza, and Victoria's Secret has opened more than 10 stores in mainland China.

Compared with the depressed financial reports of various luxury brands, the growth trend of global high-end underwear brands is obvious. Driven by the steady same store sales of its Victoria's Secret and Bath&Body Works brands, L Brands Group's third quarter profit exceeded Wall Street's expectations. Net profit rose 24.4% to US $164 million from US $131.8 million in the same period last year. Sales rose 7% to $2.48 billion from $2.32 billion in the same period last year. The brand performance showed a strong performance and sexy wings continued to wave.

With the influx of underwear brands, the interests and tastes of Chinese consumers are also changing. Luxury in appearance is no longer a shiny and pompous logo. However, some brands are still cautious about the market. Victoria's Secret currently only sells beauty products and accessories in Chinese stores. Torsten Stocker, a partner of A.T. Kearney, told Ad Age that this might be a way to investigate consumer preferences in the Chinese market. He said: "If you bring a full line of underwear products to China, women may make a one-time purchase. If they feel uncomfortable or ill fitting, they will not come back. Even if you have a high reputation, the products look very attractive."

However, some industry insiders said that although Victoria's Secret did not sell underwear products in Chinese stores, the amount of overseas shopping that Chinese consumers buy every year may be staggering. The latest show was broadcast in 192 countries around the world, and the number of viewers exceeded 500 million tickets and was also promoted to more than 10000 pounds. After all, the huge purchasing power of the Chinese audience covered by the annual Victoria's Secret Show cannot be underestimated.

With the intensification of competition, international underwear brand companies are increasingly inclined to use Chinese models in their advertisements. Now, there are always several Chinese models appearing at the annual Victoria Secrets Fashion Show. The domestic fashion media almost unanimously reported Victoria Secrets Fashion Show as the headline, becoming the hottest topic of social media that week. This year's underwear show also included supermodels He Sui and Xi Mengyao from China. Liu Wen, a supermodel, has also participated in the catwalk show in the past. She has appeared in the advertisements of La Perla for two consecutive years.

However, these brands will also face competition from local underwear brands. Chinese underwear brand Love has successfully changed the stereotype of Chinese brands as "cheap", and brand bra sells for between $60 and $290. Recently, creative marketing activities have also been launched to attract fans. Although Valentine's Day promotional activities target lovers, local brands such as Love usually pay less attention to romance than international brands such as Victoria's Secret. According to the brand marketing director, the brand name means "love" in French, but its positioning is more inclined to "the love of family, friends and society". In addition to beauty, the product pays more attention to comfort.

Western style high-grade underwear has only begun to approach Chinese consumers in recent years. Matthew Crabbe, Asia Pacific research director of Mintel, said that Chinese people's views on beauty, lifestyle and even sex are changing, which has increased the sales of high-end underwear. Some women are focusing more on wearing sexy underwear.

Chinese consumers interviewed under the name of Zu Yujing said that buying luxury clothes for work or leisure is too ostentatious. But Ms. Zu spent a lot of money in a sexy underwear store. Last time, she spent about 4000 yuan on the shopping "carnival" in the store. "I don't want to dress too carefully, but I don't mind buying underwear worth more than 1000 yuan."

Garry Hogarth, CEO of Agent Provocateur, said at a press conference of the new store, "Our expectations were not very high before. But now we are surprised to see the performance of this market is so good." Garry Hogarth added, "There are many underwear of large scale bought by Chinese people. They seem to be very open and like interesting underwear. Maybe they wanted to buy underwear before and no brand can meet these needs."

Now many Chinese consumers seem to be starting to clothes Next, "show off wealth". The reporter also quoted lingerie designer Irene Lu as saying that China has introduced sexy underwear since the 1920s, and since then Western style bras have expanded in China. Now China has become the largest underwear manufacturing base in the world, but luxury sexy underwear has only begun to attract Chinese consumers in recent years.