These angels, well known to all and envied, came to bring a piece of paradise to China, and they begin with Shanghai. Indeed, last week the first flagship store of lingerie Victoria’s Secret opened its doors on Huaihai Road with a modest shop of nearly 2,500 square meters (previously a Louis Vuitton store) in the Lippo Plaza.
Since the end of February, Chinese women can finally enjoy the high-end lingerie products of the giant American. Already present in China since 2015, the brand has begun its insertion in the middle land carefully since the few (more than 20) shops were selling until then only accessories and cosmetics.
So why change strategy now?
The luxury market in China is experiencing a small stagnation in sales but the lingerie industry is on the rise, with a double-digit growth rate. The Chinese middle class is increasingly sophisticated and stimulates growth in the country. And market studies are promising. In 2015, Frost & Sullivan announced that the lingerie market in China could reach $ 240 billion by 2016. More recently Euromonitor published a study that announces China’s market for women’s underwear is expected to have a retail value of US $ 25 billion by 2017 and will grow to US $ 33 billion by 2020. Matching figures showing continued market growth.
The little panties a new way to show wealth?
Maybe yes, and we can hardly think that the mass distribution and communication on VS fashion shows are not for nothing. Victoria Secret more than any brand of lingerie is worth its success to its strong brand image. The annual event of the fashion show has become unavoidable. Everyone wants to see the angels (more stars than mannequins) and above all, the show set up to make this event the most bankable possible (to remind, the show 2015 had cost about $ 20 million to the brand). VS show it’s also about special guests like Taylor Swift or Justin Bieber to ensure maximum visibility and rentability. A visibility that reached China 2 years ago when Tencent video page got the exclusive rights to video broadcast in China, the show recorded more than 180 million views. One more country added to the 190 countries around the world that broadcast live and online this program.
And to ensure its implantation in china, the brand has a two-stage plan. First, bring its annual show of lingerie and underwear to Shanghai by the end of 2017 and second open a second store in the Sichuan provincial capital of Chengdu to serve the southwestern Chinese market.
There is only one thing left to do, wait and see if this American brand is going to succeed its bet. In the meantime, go for a walk in the shop that deserves a look.
Some Facts About Victoria’s Secret:
The show is for the first time in France, in Paris at the Grand Palais in 2016. One of the themes was largely inspired by Chinese culture (a theme that was not unanimously accepted) ,an inspired reference to the opening store in Shanghai..
$ 3 million is the price of “Fantasy Bra”. A unique model of bra, the centerpiece of the parade, adorned with 9000 emeralds and diamonds worn by the top Jasmine Tookes this year.
In total, the brand of lingerie operates in 75 countries, and has more than a thousand stores worldwide including 990 points of sale in the USA alone.