Lingerie industry is in a state of intense competition. Fashionable and price friendly lingerie’s are sold by the manufacturers while global brands are looking for new markets. International specialty brands are at their wings; seeking entry into emerging markets for future growth. Current global market for lingerie’s rose by 2.6% to $29.92 billion USD from 2004 to 2007, while clothing prices dropped down by 4%. China, as an emerging market has seen a growth rate of 8.1% during the same time. Fast fashion retailers are now offering fashionable intimate apparels at lower prices and are undertaking hardcore marketing efforts to sustain their brand image in China. On the other hand, China itself is a major exporter of apparels to the global market at competitive prices.
Chinese Lingerie Market:
Chinese lingerie market is a dynamic sector. Their market structure is composed of many national and international brands, and intimate apparels are brought in by many countries; names unknown to the consumer.
The country’s lingerie market is a fast moving one, and there is a drastic change during the recent past. The lingerie market is estimated to be of a total value of 2 billion euros, and industry experts predict a further positive increase of 20% every year. The country is the third largest for luxury consumption, and is assumed by the market leaders to catch up with the position of Japan in the next 10 years. China is a key player in fabric industry, having good potential for creation and consumption. Major lingerie players in China have reassessed their market positions, and are now closing the knowledge gap to become ‘low cost’ producers.