Times have changed for the better for the Indian men and women like never before in terms of fashion style and statement coupled with growing wealth that is helping the growth of the organized lingerie industry. From being a market worth Rs. 780 crore (US$175.9 million), the organized lingerie market has almost doubled to Rs. 1645 crore (US$370.3 million) bustling business in the last five years.
By 2019, the figure is going to be even bigger which is almost impossible to predict right now within a shortest possible time. (Source: http://www.researchandmarkets.com).
Women and Men Lingerie Market in India
Be it summer days, fall winter, Diwali or Halloween-inner garments are always in fashion and trends. In garments and apparel industry the market segment is regarded as a segment which is forever in demand and the supply is quite less in India.
The competition is also quite less and we have only a few foreign brands like Jockey, Lee Cooper to compete with Indian brands like Lux and Amul. Hence out of all these things we can come to a conclusion that the business related to female and male lingerie as well as kids undergarments is a profitable one to invest further.
Hence the government should take some necessary steps to make the segment more lucrative and profitable since the sector is blessed with enormous opportunities to get long-term profits because the demand of undergarments is next to a basic necessity and will always be there.
Now-a-days people are also giving strong emphasis on quality and fabric of the inner garments. It is not like 1970 India where any brand was doing well. People want to have a more macho look even if buying a boxer, or vest is concerned and celebs too are endorsing many brands.
Thus there is now a paradigm shift from price sensitivity to brand sensitivity and the market is becoming more organized and standardized.
What we need to do is to create some bold designs and experiment with colors and the companies have to develop a wide range of merchandise portfolios which are actually the inherent challenges of this sector as per a report given by Daedal research in 2014.
Now it is 2016 – so imagine what can be the growth parameters and range? The sky is the limit and the market is just limitless due to new retailing formats and FDI flow.
The operating profits are surely going to be too high because you purchase only once and sell it all the year round and discounts are just minimal to attract the lingerie customers and women becoming extrovert – all these facts and facets are just indicating profit!profit!profit only! Isn’t it a good proposal to start up with? What are you waiting for my dear young entrepreneurs?
Plunge into with a business strategy for low, premium or high. Spread the goodness in a cool way. Awesome!!!