Hosiery industry is an ancient industry in the field of textile industry having very good potential in domestic market and also in the export market. There is increasing market demand for hosiery undergarments for its various advantages. Cotton undergarments are widely used by all classes of people because of its good absorbency, cheaper prices and ready availability. These foundation garments are used by the people throughout the year under different climatic conditions. It is presumed that there will be no problem in marketing of knitted undergarments of good quality.
Ladies innerwear (Bra and panties) is the highest growing apparel item across all income groups and exclusive boutiques have popped up in all places. Nothing cramps the style faster than ill-fitting and uncomfortable undergarments. Thus, innerwear are not only made attractive, but also comfortable and practical. Top stylists unchain their creativity by inventing fabulous new forms and materials which make ladies innerwear even more sexy, eccentric and wild, without leaving out elegance.
There has been an increase in demand for innovative, comfort-oriented undergarments and lately, many women are forgoing those fussy lingerie designs for simple, uncomplicated ladies undergarments. In addition to keeping outer garments from soiling, ladies innerwear are worn for a variety of reasons: warmth, comfort and hygiene being the most common.
Market Outlook
The Innerwear Category is one of the high growth categories in the apparel market and promises growth and innovation. The higher income, along with higher discretionary spending, growing fashion orientation of consumers and product innovations by the innerwear market have turned innerwear from a traditionally utilitarian item to an essential fashion requirement.
The current size of the Indian innerwear market is Rs. 15,870 crores ($2.9 billion). The category is also growing at an impressive CAGR of 12 per cent and is expected to reach Rs. 27,900 crores ($5.1 billion) by 2017. The womens innerwear market, which is driven by value-added innerwear products, contributes around 60 per cent to the market.
The women’s innerwear market worth Rs. 9,540 crores ($1.7 billion) is one of the fastest growing categories within women’s apparel. This category is growing at a CAGR of 14 per cent, and is expected to reach Rs. 18,380 crores ($3.4 billion) by 2017.
The lingerie market in India can be classified into super-premium, premium, mid-market and economy and mass market segments. A major share of the lingerie market is held by the mid-market and economy segments, in terms of both value and volume. The super-premium and premium segments are relatively smaller, but fast-growing segments. In the present scenario, the premium and super premium segments of the lingerie industry are advancing following a consumer shift from economy and mid-market segment to the premium segment.
90% of lingerie in India are sold in mom and pop stores where the experience is very poor because of no trial room, no female staff, stocking capacity is very low, no guidance on size etc. Here, interestingly selling lingerie online is not difficult because the product is seen as utility product in India.
According to a research report, in volume terms, the women’s lingerie segment holds a 52 per cent share of the total innerwear market in India. In value terms, the women’s lingerie segment holds a 66 per cent share of the total innerwear market, thereby enjoying a higher Average Selling Price (ASP) as compared to the men’s innerwear market.
India's lingerie market is currently valued at $3 billion. A mere 1% of it is online. In the next few years the market value is projected to jump to $5 billion. While physical stores obviously ring in the bulk of the sales, the unavailability of sizes, lack of privacy and shortage of trained personnel has paved the way for online lingerie portals.
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