Make money "chest"! The 100 billion market that allows Fosun and Jingdong to open their eyes

How much is hidden in the woman's chest?

According to Euromonitor International, the turnover of China's women's underwear market will reach 25 billion US dollars in 2017, twice that of the United States, and it is expected to reach 33 billion US dollars in 2020.

In 2017, Victoria’s secret moved the show to China and set off a wave of underwear. Subsequently, China's underwear industry rookies are not to be outdone, and continue to disclose the latest financing: the original underwear brand "蒛一内衣" completed 45 million A round of financing; women's light luxury underwear brand "DARE ONE" completed 30 million A round Financing; women's underwear Internet brand "NEIWAI" won 60 million yuan B + round financing...

Behind the financing of entrepreneurial projects, it is also the eagerness of capital. Veteran investment group Fosun, after acquiring shares in the city last year and acquiring Italian luxury underwear brand La Perla, recently announced the official acquisition of Austria's top underwear brand Wolford. There are indications that the war around the woman's chest has been ignited.

The market of over 200 billion is lacking in "supervisor"

The underwear industry is regarded by the industry as an industry with high growth. Because the product has a non-periodic just-needed characteristics, the market potential is large, and the gross profit margin is higher than the average clothing level, so it is decided that underwear is still a good business.

According to Euromonitor statistics, the size of China's underwear market will exceed 170 billion yuan in 2017. According to Frost & Sullivan statistics, the size of China's general underwear market in 2013 was 194.4 billion yuan, a compound growth rate of 14.4%. Combining various sources of information, the current Chinese underwear market is a large market of more than 200 billion.

However, compared with western developed countries, the proportion of underwear consumption in China to apparel consumption is still limited. For example, in France, 22%, the annual consumption of underwear for French women is about 1.7 billion euros; while Chinese women spend about 20 billion yuan on underwear consumption, accounting for only 5% of clothing consumption. Comparing the above data, it can be seen that the future development of the Chinese underwear industry market is huge.

China's underwear industry has been developed since the reform and opening up, but it has grown for more than 30 years. According to the brand positioning, it can be divided into the following directions:

One is the conventional underwear represented by "three guns" and "yier cool".

This type of underwear brand relies on cost-effective, channel sinking to seize the mass market. By opening product counters in almost all shopping malls in provinces, cities, counties, townships, and towns, and taking the popularization route to serve the public wages, it once occupied the main market of Chinese underwear. However, with the intensification of competition, the homogenization of conventional underwear is serious, and some head players have already sought transformation.

The second is a new concept underwear represented by “Antarctic people” and “Tingmei”.

This type of underwear brand will focus on the exploration and speculation of product concepts, such as "Tingmei" main body and "Antarctic people" to keep warm. But when the market returned to rationality, the concept war quickly cooled down and a large number of players exited.

The third is the fashion underwear represented by “Amour” and “City Beauty”.

This type of underwear brand has strong design and development capabilities, and displays the brand culture through the terminal. Odifen and Aimer started from the first- and second-tier cities. Metropolitan Beauty, Yimanli and other brands chose to be copied from the third- and fourth-tier cities. Through the establishment of single-brand stores and service upgrades, Chinese women were provided with fashionable styles and high-frequency new ones.

At present, the domestic underwear market is still relatively scattered. According to the statistics of Euromonitor in 2014, the top ten underwear brands in the Chinese market accounted for only 12.1%, lacking leading brands. This has created an opportunity for change in the birth of a new brand.

Emerging underwear brands propped up after 90s and 00

With the arrival of consumption upgrades, the underwear market is quietly changing.

As younger people such as the post-90s and 00s become the main consumers, consumer attitudes and needs are changing. In the past, consumers only concerned about fabrics, prices and other factors when purchasing underwear products. Now they will pay more attention to various elements such as color, fashion and consumer experience.

At this time, emerging underwear brands have sprung up and continue to find financing. Observing these emerging lingerie brands, Sprout NewSeed (ID:pelink) found the following features:

1. "No steel ring" is more popular

In recent years, female users have become more and more concerned about chest health, and new concepts such as “no steel ring”, “comfort” and “minimal” have been highly sought after by consumers. The continuous improvement of the underwear technology, so that the rimless underwear also has a shaping effect, and can greatly reduce the compression of the chest, which indicates that the rimless underwear is popular.

For example, the underwear brand “NEIWAI inside and outside” is mainly engaged in underwear products with no steel ring and comfortable body feeling, and the design style “avenue to Jane” is analogized as “Muji” in the underwear industry; “Oxygen Bra” is also the main comfort. The rimless underwear is recommended by domestic and foreign buyers after trying on it.

2, light luxury popular

The rapid development of China's economy and the growth of residents' income have given birth to the consumption demand for medium and high-end underwear. Consumer demand for underwear has gradually risen to a high level of demand for belonging and emotional value, paying more and more attention to the humanistic care and brand value of underwear, and paying attention to the experience of the consumer process.

DARE ONE, which once invited Fan Bingbing to promote it, is a brand of light luxury women's underwear and pajamas. Imported silk fabrics are used in the selection of products, and the design is based on international aesthetic standards. The fashion elements and big-name elements are combined into the underwear, and the price is positioned high.

3, the category is more subdivided

As the concept of diversification is sought after by the market, new opportunities for underwear categories have emerged, and new subcategories such as girl underwear, large cup underwear, and smart underwear have begun to emerge.

The Transmutation Box is a service brand that cuts into a girl e-commerce from a girl's underwear set. It is committed to ensuring the safety and fashion of girls' underwear from the design and quality. “Kiva clothes” is also a healthy and environmentally friendly girl underwear and students. Underwear; the toffee pie is a large cup underwear O2O platform; part of the business of "蒛一内衣" is engaged in the development of new fabric smart underwear.

Next stop growth point: women's sports underwear, lingerie

1. Women's sports underwear market competition will intensify

In recent years, underwear products have refined the category of sports underwear, while sports underwear has refined the smaller categories such as running and yoga. Compared with ordinary underwear, sports underwear is a high-consumption product because it has a higher cleaning frequency and is more likely to cause pulling deformation. The characteristics of high consumables determine that consumers are willing to pay a higher price to buy a sports underwear.

According to the statistics of the State Sports General Administration, the number of regular physical exercise in China reached more than 410 million in 2015. It is estimated that the sports population will reach more than 500 million in 2025. The female population accounts for 40% of this. Relevant data show that the total sports underwear market in China will reach 20 billion to 30 billion yuan.

At present, the Chinese women's sports underwear market has not yet seen an oligarch with an absolute market share. It is a good time for emerging brands to land on the beach, but there are still many difficulties to overcome as a winner.

For the emerging sports underwear brand, the competition will be unprecedentedly fierce. First of all, the international sports brands represented by Nike, Adidas, Under Armour and Lululemon have strong capital, technical strength and brand recognition, and it is easy to open the market among consumers. Secondly, it is represented by Moving Comfort and Shock Absorber. Professional sports underwear brand, although the domestic sales channel has not been fully spread, but has already entered the Chinese women's wardrobe through purchasing and Haitao through the reputation accumulated in foreign countries; in addition, the traditional underwear brands such as Victoria's secret, love, China Goer et al. also realized the potential of the sports underwear market and launched sports product lines outside the main line.

The brand that wants to make a big impact in the field of sports underwear is also that the Chinese consumers’ brand awareness of sports underwear has not yet been fully established. Most consumers only distinguish products from appearance and simple functionality. Market education It still takes time.

2, the size of the sexy underwear market is considerable

As young people under the age of 28 gradually become the main force of the line, sexy wind women's underwear is relying on young women to be popular in the third and fourth line areas. The data shows that in 2017, sexy style underwear rose with the popularity of sexy style clothing. Young women aged 19 to 22 especially liked it, and the growth in consumption was mainly from the fourth-line area.

According to the data of 2017 sexy underwear development compiled by the Prospective Industry Research Institute, there are 200 million accurate people in China's sexy underwear, which is calculated by purchasing 5 pieces of underwear per person per year, and at least 1 billion pieces need to be purchased each year. In fact, the annual sales of medium and high-end underwear in Shanghai and Shanghai alone amounted to 900 million yuan, and the proportion of sexy underwear accounted for 10%.

In addition to sports underwear and sexy underwear, at present, there are many counters for pregnant women's underwear, breastfeeding underwear, etc., which are popular among women's consumer groups. In the future, the market segmentation of China's underwear market for different consumer groups will be the main development trend.

Editor in charge: Gao Wei