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    The pattern of Chinese women's underwear market has changed, and the distribution of benefits has become more difficult

    Editor: sunhing │ Date: July 02, 2019

    As foreign brands enter China, the Chinese women's underwear market is becoming crowded, and consumer preferences and demand changes are also leading the domestic women's underwear market.

    格局生变 中国女性内衣市场分羹更艰难

    International brands compete for China's highlands

    In mid-June, there was no “warning”, and the Dutch women's brand Hunkemller (Chinese name: Xiang Kou Mu Le) opened in China's first store in Century Plaza, Pudong New Area, Shanghai. At the same time, the brand announced its ambitious plans in China: In addition to opening four more brand stores in China this year, the brand will achieve its goal of opening 47 stores in China within five years.

    Hunkemller is one of the well-known women's underwear brands in Europe, and the brand has been in existence for more than 130 years. In 2016, Hunkemller was accelerated by the private equity fund to expand the international market. As of now, the number of brands in the world has reached more than 930.

    Hunkemller CEO Philip Mountford said that China is one of the fastest growing economies in the world and the demand for international brands is increasing. Opening up the Chinese underwear market is extremely natural for brands.

    The industry believes that Hunkemller's main competitor in China is Victoria's Secret. According to public data, Victoria's Secret currently has 53 stores in Greater China, and Hunkemller’s goal of “five-year 47 stores” is clearly “intentional”. The emergence of a strong opponent is undoubtedly worse for Victoria's Secret, which has been going downhill in recent years. In recent years, Victoria's Secret's reputation in the international market has been falling. The lack of inclusiveness and diversity of underwear size was criticized by public opinion, which made Victoria's Secret both fall in word of mouth and performance. From the 2017 fiscal year to the 2018 fiscal year, Victoria's Secret's revenue fell for a while, becoming the "stain" in the data of the parent company L Brands. Although Victoria's Secret moved to China for the first time in 2017 to try to nugget, Victoria's Secret's expansion in China is slow and the influence is not as good as before. The store is often crowded with the door, and the brand is also increasing its discounts in the Tmall flagship store. The Beijing Business Today reporter saw that the five-piece lace low-rise bikini underwear was sold for only 198 yuan, even faster than the cheap fashion brand Uniqlo underwear. Still lower.

    Local high-end brands are squeezed

    As foreign brands enter China, the Chinese women's underwear market is becoming crowded, and consumer preferences and demand changes are also leading the domestic women's underwear market.

    According to the "2019-2024 China Women's Underwear Industry Market Prospect and Investment Planning Analysis Report" released by the Foresight Industry Research Institute in April this year, the high-end brands in China's underwear industry are mainly occupied by foreign brands, and domestic brands mainly occupy the low-end market. Embry Form, Triumph, Venies, Maniform, etc. are the famous high-end brands in China's underwear industry. COSMO LADY, JIANJIANG, and LANG SHA occupy the mid-market. The low-end market brands are mainly based on wholesale, such as SHUWEI, ZhuMiQi, and MACKENT.

    There are more than 3,000 women's underwear brands in China. However, from the current point of view, the domestic women's underwear market share is relatively concentrated in the mid-end brand, of which, the fast fashion underwear brand COSMO LADY market share ranks first in the domestic women's underwear market, the Chinese women's underwear market presents Out of the middle, two small jujube nucleus. Compared with mid-end brands, the competition between international brands and local brands mainly occurs in the high-end underwear market. With the entry of international brands such as Victoria's Secret into China, the sales of high-end underwear brands represented by Embry Form have continued to decline in recent years.

    According to public data, in the 2016 fiscal year, Embry Form's revenue reached a double-digit decline, and net profit plummeted 51%. In the 2017 fiscal year, due to the compensation for relocation expenses, the profit of An Lifang surged 4 times, but the actual income only increased by 5.57%. In the 2018 fiscal year, Embry Form's net profit fell sharply again, and this situation has not improved so far. On June 21, Embry Form issued a profit warning. It is expected that the net profit for the six months ended June 30 will be lower than the same period last year. Embry Form has attributed the decline in net profit to “the continued weakness of the retail boom and the uncertainties in the face of the global macroeconomic environment, and the consumer sentiment has become cautious.”

    are sold in China, and generally do not specifically adjust the size of the Chinese body, the comfort will be greatly reduced, and the return rate is large. Taking the position of the milk point of the underwear as an example, the foreign models are usually lower than the domestic models, and Chinese women feel uncomfortable when wearing them. In terms of size, Europeans and Americans are also taller and wider than Chinese, which also determines the position of the shoulder straps.

    Homogenization becomes a bottleneck in development

    Beijing Business Today reporter learned that Chinese women's loyalty to underwear brands is usually higher. Compared with brand awareness and style, Chinese women pay more attention to beauty, comfort, functionality and accessories when purchasing underwear. Category, such as underwear fabric is enough ventilation, summer wear is no trace, whether it can be worn with pajamas, slippers one-stop purchase. If there are not enough reasons, they usually don't easily try new underwear brands, especially high-end underwear brands that sell at a higher price.

    This means that Chinese local underwear brands still have great potential to dig. "2019-2024 China's women's underwear industry market prospects and investment planning analysis report" shows that as of 2018, the size of the Chinese women's market has exceeded 160 billion yuan, Chinese women per capita to buy new underwear in 7 sets / year, and underwear The demand for aesthetics, comfort, functionality, etc. will increase and the industry scale will expand rapidly. However, compared with other developed countries, there is still a huge gap in the Chinese women's underwear market. Judging from the per capita consumption of women's underwear, the per capita consumption of Chinese women in underwear last year was only 20.2 US dollars, which is only about 1/4 of the developed countries in Europe and America. But at the same time, it also shows that with the awakening of domestic women's awareness of underwear consumption and the internationalization of consumption concepts, the domestic women's underwear market will have huge room for development.

    In the above-mentioned industry insiders, compared with foreign countries, the proportion of leading brands in the Chinese women's underwear market is still quite different in the industry. In the case of the market share of the largest market share of women's underwear, COSMO LADY, the market share in China's domestic market, is only 4.2% of the overall market share of women's underwear, while Victoria's Secret in the US, Marks & Spence in the UK, and Japan's Wacoal is the leader of the local market, accounting for several times the share of COSMO LADY. This also shows that the market development of China's women's underwear industry is still far from mature, and the imagination of industry players in the future is huge.

    He pointed out that in fact, the dilemma faced by Chinese women's underwear enterprises is not the "invasion" of foreign underwear brands, but the homogenization of brands is serious, lacking unique benchmarks for research and development. This is also the most needed for local underwear brands to consolidate the city. An "Ace".


    Disclaimer: This article is reproduced from the 'Beijing Business Today'. The article is reproduced for the purpose of disseminating information. If the article infringes your copyright or related rights, please contact+86 0755-27121828and we will promptly delete it.

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