PRERNA TALWARELISHA MITTALFD 7

Victoria's Secret was started in San Francisco, California, in 1977 by Stanford Graduate School of Business alumnus Roy Raymond, who felt embarrassed trying to purchase lingerie for his wife in a department store environment. He opened the first store at Stanford Shopping Centre in Palo Alto, and quickly followed it with a mail-order catalog and three other stores.

Victoria’s secret focuses on style and fashion.It showcases its lingerie as a fashion statement with heavy embellishments.Along with theme based ranges, it also came up with the million dollar diamond studded bra.

INDIAN LINGERIE MARKET• India holds immense growth potential for the lingerie industry, which is evident from

the entry of large international brands in the Indian market in the last few years.

• From being a market worth Rs. 780 crore (US$175.9 million) in 2003, the organized lingerie market has almost doubled to Rs. 1645 crore (US$370.3 million) bustling business in the last five years.

• Characterizing the premium segment are either international brands or joint venture of Indian manufacturers with international companies. Lovable, Enamor and Triumph have successfully established themselves as premium lingerie brands and brands that are in expansion mode include Etam, Benetton, La Perla and About U.

• The mid-market segment is characterized by the presence of national players like Maxwell Industries (with Daisy Dee brand), BodyCare, Groversons, Red Rose, Juliet, Jockey, and Libertina

STATUS OF INDIAN LINGERIE MAKET

: Global lingerie brands like Benetton and Etam have chalked out plans to tap the Rs 3,800- crore Indian market, which is currently growing at 12 per cent and is expected to touch Rs 6,700 crore by 2011.

• In the retail sector, US chain Victoria's Secret provide to the specialist market, but the huge quantity of lingerie is traded by clothing retailers like Marks & Spencer and hypermarkets like Wal-Mart and Carrefour.

• In India large consumer base are not sure of the functional features of a bra or even their own sizes. When Gokaldas Intimate wear began developing Enamor, their first aim was good fit. Across India Enamor surveyed and measured 4,000 women. They noticed that 80 per cent of Indian women wore a uncomfortable fitting underwear. In India Triumph, Lovable Lingerie, Enamor, VIP, Juliet, Amul etc are major players in lingerie market. Today 70 per cent of the lingerie market of India is unorganised. But that can be replaced with the increase in the number of malls and quality-conscious consumers. For example, Lovable's growth of 20 per cent last year was sustained by new retail space.

• The lack of awareness in India thus stunts the growth of international lingerie brands like Victoria’s secret as they focus not simply on fit but also on style and fashion.

Major competitors in India

• Enamor• La Senza• Jockey• Triumph• Under colors of Benetton• Marks and Spenser

Factors restricting Victoria’s secret from opening in India

• Price: Victoria’s secret lingerie is priced for the higher income group as it is more fashion oriented. Indian consumers are less likely to pay such a price for intimate apparel.

• Lack of awareness: As mentioned earlier, most Indian women are not even aware of their own sizes, thus launching a store that focuses less on fit and more on style is risky.

• Competing brands: The Indian lingerie market already consists of a number of key players which offer less extravagant lingerie at lower prices which pose a threat.ces

• Licenses: To open up international brands in the Indian market, Victoria’s secret will have to undergo a lot of trouble for obtaining licenses.

• Advertising restrictions: In the Indian market, the advertising cannot be as open as in the European market, due to the mindset of the consumers.

• Even though Victoria’s secret has not opened up stores in India, it is planning on launching its bath and body products soon in India through existing retail stores.

• The Victoria’s secret bags too have great potential in the market.

Interesting fact• Today, the International Herald Tribune reports, Victoria's Secret buys 6.5

million bras a year in Madras. Yes, it's now called Chennai, but for some reason IHT uses the city's old name, Madras. One out of 10 Victoria's Secret bras is made there in a factory where the lingerie maker's parent company, Limited Brands, has made investments, reports IHT.

• Since they invest money in India, there is potential for their growth in this market.

College survey• We also conducted a survey on

campus at NIFT Gandhinagar.• Most girls were not willing to pay

high prices for lingerie, they rather focus on fit and comfort in an affordable price range.

• Only 20% were willing to purchase lingerie for the style at a higher price range.

THANK YOU