Store Samples 2018 Just-Style Global Market Review Lingerie SAMPLE

Global market
review of lingerie
forecasts to 2023
Image © Forster Rohner Textile Innovations E-broidery Technology

GLOBAL MARKET REVIEW OF LINGERIE – FORECASTS TO 2023
Global market review of

lingerie – forecasts to
2023
By Malcolm Newbery
2018 edition
Published by
Aroq Limited
Aroq House
17A Harris Business Park
Bromsgrove
Worcs
B60 4DJ
United Kingdom
Tel: +44 (0)1527 573 600

Fax: +44 (0)1527 577 423
Web: www.just-style.com/market-research/
Registered in England no: 4307068

Copyright statement
© 2018 All content copyright Aroq Limited. All rights reserved.
This publication, or any part of it, may not be copied, reproduced, stored in a retrieval system,
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otherwise without the prior written permission of Aroq Limited. This report is the product of
extensive research work. It is protected by copyright under the Copyright, Designs and Patents
Act 1988. The authors of Aroq Limited’s research reports are drawn from a wide range of
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the time of publication but cannot be guaranteed. All information within this study has been
reasonably verified to the author’s and publisher’s ability, but neither accept responsibility for loss
arising from decisions based on this report.
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CONTENTS
Introduction and methodology 2
Introduction 2
Methodology for the quantification of the lingerie market 2
Currency exchange rates 3
Geographical world regions 3
Executive summary 5
The lingerie consumer 5
Lingerie retailing and lingerie products 6
The lingerie market, 2018 7
Lingerie sector supply chain analysis 7
The lingerie market, 2023 8
Market shares 9
Global lingerie sector players 9
Chapter 1: The lingerie consumer 12
Lingerie and the demographics of the female population 12
Lingerie and women’s purchasing habits 12
Chapter 2: Lingerie retailing 15
Brands and retail own labels 15
Lingerie price segmentation (based on bras) 15
Diversification of product in the lingerie retail offer 17
Different lingerie retailing approaches 18
Different channels through which to sell lingerie 19
Retail market pricing 19
Chapter 3: Lingerie products 22
Lingerie products and definitions 22
Styling explanations for bras 22
Styling explanations for briefs 24
Styling explanations for other lingerie 25
Chapter 4: The lingerie market, 2018 27
World retail lingerie market figures in US$bn, 2018 27
World retail bra market figures in US$bn, 2018 27
World retail briefs market figures in US$bn, 2018 28
World retail lingerie percentage value figures by product category, 2018 29
World retail other lingerie market figures in US$bn, 2018 29
World retail market for bras and briefs in units, 2018 30
World retail bra market figures in units, 2018 31
World retail briefs market figures in units, 2018 32
Chapter 5: Lingerie supply chain analysis 34
Traditional routes to market 34

Today’s routes to market 36
Outsourcing of manufacturing 36
Lingerie world trade: imports based on data from re:source 37
Import trade data categories 38
Imports of bras etc. 39
Imports of briefs etc. 42
Imports of slips etc. 46
Chapter 6: The lingerie market, 2023 50
World retail lingerie market figures, US$bn, 2023 50
World retail bra market figures, US$bns and units millions, 2023 51
World retail briefs market figures, US$bn and units millions, 2023 52
World retail other lingerie market figures, US$bn, 2023 53
Chapter 7: Lingerie market time lines US$bn and percentage growth 55
The concept of the just-style time line 55
Time line 2013-2023, bra market in US$bn 57
Time line 2013-2023, briefs market in US$bn 58
Time line 2013-2023, other lingerie market in US$bn 59
Chapter 8: Market shares and value added 61
Historic and current brand and own label retail shares for lingerie 61
Retail pricing and its effect on value added 63
Chapter 9: Global lingerie sector players 66
Today’s marketing of lingerie 66
US$ value market shares of major lingerie players by continent 67
North America 69
Europe 70
Asia 71
South America and the Rest of the World 72
The true global players 72
Appendices 74
LIST OF TABLES & FIGURES

Table 1: Lingerie retail price segmentation (bras) 2018 16
Table 2: 2018, world lingerie market in US$bn 27
Table 3: 2018, world bra market in US$bn 27
Table 4: 2018, world briefs market in US$bn 28
Table 5: 2018, world other lingerie market in US$bn 29
Table 6: 2018, world lingerie markets in % by lingerie product category 30
Table 7: 2018, world bra market in units millions 31
Table 8: 2018, world briefs market in units millions 32
Figure 1: The lingerie supply chain from producer to consumer 34
Figure 2: The by-pass supply chain 36
Table 9: Bras, girdles and corsets 2016 imports to USA, EU and Japan (US$m) 39
Table 10: Major source countries for the 2016 import of bras, girdles and corsets 41
Table 11: Women’s briefs 2016 imports to USA, EU and Japan (US$m) 42
Table 12: Major source countries for the 2016 import of women’s briefs 45
Table 13: Slips 2016 imports to USA, EU and Japan (US$m) 46
Table 14: Major source countries for the 2016 import of slips 48
Table 15: 2023, world lingerie market in US$bn 50
Table 16: 2023, world bra market in US$bn and units millions 51
Table 17: 2023, world briefs market in US$bn and units millions 52
Table 19: World total lingerie market time line 2013-2023, US$bn 56
Table 20: World bra market time line 2013-2023, US$bn 57
Table 21: World briefs market time line 2013-2023, US$bn 58
Table 22: World other lingerie market time line 2013-2023, US$bn 59
Table 23: Estimate of branded, own label and anonymous apparel market shares in US$
values, 2010-2018 61
Table 24: Estimate of branded, own label and anonymous lingerie market shares in US$
values, 2010-2018 62
Table 25: Branded and own label bra price architecture, USA and Western Europe (US$) 63
Table 26: Top 20 global lingerie sector players, and their regional focus 68
Appendix 1: Lingerie 2018 fieldwork observations 75
Appendix 2: Approximate 2016 import values in US$m for bras (HS code 621210) 77
Appendix 3: Approximate 2016 import values in US$m for girdles (HS code 621220) 79
Appendix 4: Approximate 2016 import values in US$m for corsets (HS code 621230) 81
Appendix 5: Approximate 2016 import values in US$m for women’s cotton knitted
briefs (HS code 610821) 83
Appendix 6: Approximate 2016 import values in US$m for women’s manmade
knitted briefs (HS code 610822) 85
Appendix 7: Approximate 2016 import values in US$m for women’s other knitted
Appendix 8: Approximate 2016 import values in US$m for women’s cotton woven
Appendix 9: Approximate 2016 import values in US$m for women’s manmade
woven briefs (HS code 620892) 91
Appendeix 10: Approximate 2016 import values in US$m for women’s other
woven briefs (HS code 620899) 93
Appendix 11: Approximate 2016 import values in US$m for manmade knitted
slips (HS code 610811) 95
Appendix 12: Approximate 2016 import values in US$m for other knitted
Appendix 13: Approximate 2016 import values in US$m for manmade woven
Appendix 14: Approximate 2016 import values in US$m for other woven
INTRODUCTION AND
METHODOLOGY
1
Introduction and methodology

Introduction
This is the ninth edition of just-style’s global market review of lingerie, in a series which goes
back to July 2004. The edition immediately preceding this one was published in November
2016. Throughout the series there has been one constant feature. The world market has been
estimated in US$ for total lingerie and for its three main component parts, bras, briefs and “other”
lingerie. The first two elements, the bras and briefs have also been estimated in units.
What makes this edition different is that, as a result of the recent availability of just-style’s
re:source software, more analysis can be done of the supply chain, namely, where in the world the
lingerie is being manufactured for women to wear in the developed country and regional retail
markets.
Methodology for the quantification of the lingerie market
The methodology followed in previous editions is unchanged for this 2018 edition. Lingerie is
sold to female consumers through retail shops, and increasingly these days, through internet
sales. Much lingerie in the developing world is sold through “dis-organised” retail, in markets and
through individual personal deals including barter, and consequently usually of “anonymous”
no label merchandise. This makes market valuation difficult. But we have followed the normal
just-style method of valuing the market at retail prices, the price the consumer pays. This report
benefits from field work done by the author of prices observed at retail in a number of specific
countries. A sample is given as Appendix 1.
The exchange rates used for the 2018 edition are those according to the London Financial Times
at Friday 18th May, 2018. They are given below. It is worth noting that since the last edition
currencies have fluctuated considerably, making historical comparisons at best approximate.
2
Currency exchange rates
US$ Euro (€) GBP (£s) Yen CNY

US$ X 0.847 0.740 111 6.273
Euro (€) 1.180 X 0.874 131 7.406
GBP (£s) 1.351 1.144 X 150 8.473
Yen 0.009 0.008 0.007 X 0.057
CNY Yuan 0.159 0.135 0.118 17.669 X
Renminbi
Source: Financial Times
The market US$ value and unit figures for 2018 are just-style estimates. Supply chain figures are
taken from the re:source database at the latest dates available and adjusted to a 2018 estimate.
Forecasts have been made up to 2023 as is just-style normal practice.
Geographical world regions
The market data is split by continent, as most brands and retailers divide their businesses in that
manner. There are some minor explanations of continents which are necessary for the reader to
compare our estimates with any of their own.
These are:
• orth America is USA and Canada. Although Mexico is theoretically part of North America, for
N
economic, culture and fashion reasons, it has been placed in South America.
• urope is Western and Eastern Europe including Russia and Turkey. Both aspire to be treated
E
as part of Europe rather than Asia. This has been continued from the previous editions even
though the chances of Turkey joining the EU have suffered a hugely damaging blow as a
result of political unrest and repressive government behaviour from 2016 until now.
• Asia is treated as one entity, with the exception of Russia and Turkey
• South America is being treated as one entity, but inclusive of Mexico and the Caribbean.
• est of the World: This geographical region now includes the commercially very different
R
and disparate areas of Africa, Australia and New Zealand. It is obvious that this is the most
difficult continental region for which to estimate market values, because there is neither
good data publicly available, nor is there in many countries a stable and recognisable
organised retail market.
3
CHAPTER 1 :
THE LINGERIE
CONSUMER
11
But in the developed world, there is no doubt that women buy more lingerie than they need. If
women bought purely what was required to wear as an undergarment, based on the garment’s
wearing life and the washing cycle, they would probably have between three to four bras and
six to eight briefs in their wardrobe at any time. Most developed world women have more than
that. Women with the money to purchase have strong emotional fashion reactions to styling and
colour, of underwear as well as of outer garments. These reactions clearly influence their buying
decisions. They have fashion opinions on what bra style looks right with particular outerwear
clothes, and what briefs shapes and colours cannot be worn under a flimsy white skirt.
In the developed world, lingerie brands have estimated what quantities of lingerie the average
women will have in her wardrobe. It is quite similar for the USA and for Western Europe. The
average woman buys three to four bras and between five and nine pairs of briefs per year.
She has in her wardrobe around eight to 10 bras, and 10 to 20 pairs of briefs. Lingerie fashion
enthusiasts will have many more. Lingerie purchasing psychology influences the numbers of
pieces that women, with enough personal disposable income, will have in their wardrobes.
13
CHAPTER 2:
LINGERIE RETAILING
14
Chapter 2: Lingerie retailing
Brands and retail own labels
There are a huge number of brands in the lingerie industry. In a previous edition, we produced a
figure in which there were more than 200 of them catering to developed world consumers who
wanted any of the following elements:
• Function
• Tradition
• Sports suitability
• Contemporary fashion
• High fashion
• Extreme glamour
• Over-sexy
The list is endless and is not repeated in this edition because most of the large brands have sub-
brands or product groups offering whichever look the consumer wants. The key global players
amongst them will be examined in more detail later in this report. There are also a number of very
powerful international lingerie own labels, which will also be reviewed.
Both the brands and the own labels target different levels of fashionability, and therefore operate
at different price points. From the fieldwork on bras visible in the market mentioned in the
methodology, a selection of them has been made in order to create a lingerie price segmentation.
Lingerie price segmentation (based on bras)
The purpose of the price segmentation is to highlight the size (US$ value and unit volume) of
each price segment. Regardless of whether the retailer is a brand or an own label, it is obvious
that the quantity of units sold at lower prices is hugely greater than those sold at luxury prices,
even if the latter get a lot of the publicity and advertising exposure. But many people do not
realise just how great that disparity is. Table 1 shows the scale of that disparity clearly.
15
CHAPTER 3:
LINGERIE PRODUCTS
21
Chapter 3: Lingerie products
Lingerie products and definitions
Most readers of this 2018 edition will already be familiar with this product category and its
subsets. But some new readers will not. The lingerie product offer is composed of three major
groups:
• Bras
• Briefs
• Other lingerie, sportswear, daywear, nightwear and shapewear
These definitions were originally taken from a Textile Outlook International report of twelve
years ago, which explained the groups as follows:
• Bras are garments to support and shape the breasts, in a wide variety of styles
• Briefs (in the USA, panties) are garments worn from waist to thigh in a wide variety of styles
• Daywear includes camisole tops, skirt slips
• Nightwear is obviously pyjamas and night shirts, but will include garments such as bed and
bath robes
• Shapewear is intended to firm and shape the body, and includes bodies, teddies, corsetry, and
girdles
Styling explanations for bras
When it comes to the marketing of bra styling, most of the larger branded catalogues put their
bra offerings into one of four generic categories. They are:
• Underwired
• Padded
• Soft
• Sporty
22
CHAPTER 4:
THE LINGERIE
MARKET, 2018
26
World retail briefs market figures in units, 2018
In Table 8, the same unit volume breakdown is applied to the briefs market for 2018.
Table 8: 2018, world briefs market in units millions
World North Europe Asia South Rest of

total America America the World
US$bn 10.01 2.14 3.64 2.57 0.92 0.74
Average US$ retail 2.89 3.19 1.03 2.19 1.53

price
Units millions 5,275 740 1,140 2,490 420 485
Source: just-style
The briefs market is estimated to be worth almost exactly US$10bn at retail values. It is made up
of sales of 5,275m units:
• Europe is the largest continent by value, but only the second largest in unit terms. Europe
also has the highest average prices at US$3.19. However, this is virtually unchanged
since the previous edition, which confirms the effect of what is clearly seen as a viciously
competitive retail situation
• North America is only the third largest briefs market in both value and unit volume terms. Its
average briefs prices, estimated at US$2.89, are somewhat lower than those of Europe, as a
result of a more homogenous and stronger own label fashion retail sector
• Asia is by far the largest region in volume terms with an estimated 2,490m units. However,
as is the case for bras, it has the lowest average briefs prices in the world, only just over
US$1 per garment
• South America and the Rest of the World have higher average briefs prices, for the same
reasons as were explained above for bras
32
CHAPTER 5:
LINGERIE SUPPLY
CHAIN ANALYSIS
33
Chapter 5: Lingerie supply chain analysis
Traditional routes to market
Until about ten years ago, there was a well understood approach to delivering apparel to the
consumer. It was almost universally followed by brands, own label retailers, manufacturers and
fabric suppliers. It is shown graphically as Figure 1.
Figure 1: The lingerie supply chain from producer to consumer
Consumer
Retailer of Retailer of
Retailer of
anonymous Own Label
Brands
merchandise
Wholesaler, in
Brand , in the
the Lingerie
Lingerie Industry
Industry
External
manufacturer
Brand as
manufacturer
Fabric
weaver/knitter
Source: just-style
34
CHAPTER 6:
THE LINGERIE
MARKET, 2023
49
CHAPTER 7:
LINGERIE MARKET
TIME LINES US$BN
AND PERCENTAGE
GROWTH
54
CHAPTER 8:
MARKET SHARES AND
VALUE ADDED
60
CHAPTER 9:
GLOBAL LINGERIE
SECTOR PLAYERS
65
Chapter 9: Global lingerie sector players
Today’s marketing of lingerie
At the start of this report, just-style commented on the huge number of brands in the lingerie
product sector. This was attributed to the ability of lingerie brands to defend themselves from
the own label monolithic retailers. The scenario given was one of a large number of brands, each
of which appealed to a particular consumer type. If they produced good quality, and provided
good support to retail customers, and hence good consumer service, then they could defend
themselves.
The brands are still defending themselves, but in a different way. There have been so many
changes of ownership in the last eight years, such a relentless progress of mergers and
acquisitions, that the picture is now of a few mega-brands, each of which has a portfolio of sub
brands. Each sub-brand is targeted at a particular market segment. Thus, Triumph in Europe uses
a variety of sub-brands each targeted at a different consumer. So too does Wacoal through its
European subsidiary Eveden (the parent company of Fantasie and Freya). In USA, Hanes has
recently (February) announced what it declared to be a satisfactory 2017, and the purchase of
the Australian lingerie seller Bras N Things for a sum around US$400 million.
Exactly the same approach has been adopted by many of the major own label retailers. If you look
at any of the internet sites of:
• Victoria’s Secret (USA)
• Marks & Spencer (UK)
• Hunkemöller (Netherlands)
You will find styles and small ranges of garments addressing every woman, based on her age,
her shape and the type of merchandise she feels attractive or comfortable in. The gradual
consolidation of the lingerie industry is leading to a “we have every product for every woman, in
every world location and climate” approach.
66
APPENDICES
73
Appendices
This appendix contains fieldwork observations and more detailed trade data tables from
re:source.
74

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Global market

Image © Forster Rohner Textile Innovations E-broidery Technology

Global market review of

Tel: +44 (0)1527 573 600

Registered in England no: 4307068

Traditional routes to market 34

LIST OF TABLES & FIGURES

Introduction and methodology

Methodology for the quantification of the lingerie market

Currency exchange rates

US$ Euro (€) GBP (£s) Yen CNY

Source: Financial Times

Geographical world regions

Chapter 2: Lingerie retailing

Brands and retail own labels

Lingerie price segmentation (based on bras)

Chapter 3: Lingerie products

Lingerie products and definitions

• Other lingerie, sportswear, daywear, nightwear and shapewear

• Daywear includes camisole tops, skirt slips

Styling explanations for bras

World retail briefs market figures in units, 2018

Table 8: 2018, world briefs market in units millions

World North Europe Asia South Rest of

Average US$ retail 2.89 3.19 1.03 2.19 1.53

Chapter 5: Lingerie supply chain analysis

Traditional routes to market

Figure 1: The lingerie supply chain from producer to consumer

Chapter 9: Global lingerie sector players

Today’s marketing of lingerie

• Victoria’s Secret (USA)

• Marks & Spencer (UK)

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