In T-stage, underwear is no longer the role of clothing accessories appear, but become the mainstream of the mainstream; In the fashion industry, annual growth rate of 20% to 30% and 800 billion market capacity, even more to underwear Admiration As the first foreign underwear brand to enter China, as a German brand that invests in China, as a leading brand that can make 10 billion a year, Triumph's growth may reflect the development of China's underwear market. Recently, our reporter interviewed Triumph Lin, general manager of China, Lin Yinglu on several hot topics such as the financial crisis, development plan and market analysis.
One billion markets under the financial crisis
A global financial crisis, spread to all walks of life, so the "financial crisis" as the first focus of the interview. According to the statistics of China National Commercial Information Center, the retail sales of knitted underwear in 2008 increased by 8.60% from a year earlier. In spite of the "positive growth" in general, the growth rate has declined substantially compared with previous years.
Is this data related to the general background of the financial crisis? Lin Yingluo said his data also shows that the growth rate of China's underwear market did decline in the fourth quarter of 2008, "For Triumph Chinese companies, although the current economic environment has hit the market consumer confidence to some extent, China's market environment and long-term development trend, we are still optimistic about our products still remain confident in 2008. Triumph made 10 billion in the Chinese market, maintaining nearly 20% growth. "This performance is sufficient for Triumph Group on the Chinese market with different eyes. "Compared to other markets, Triumph in the world's largest market is still Germany, while the overall performance of Asia is still relatively good, the Chinese market is still ranked in the top 3. But the pressure on the Japanese market is relatively large, Wacoal in the Japanese market The share has dropped a lot, it is so, Triumph in Japan's market share also increased. "
It is understood that Triumph entered the Chinese market in the early 1990s, and set up sales outlets in major cities such as Shanghai, Beijing and Guangzhou. From 1992 to 1993, Triumph also established Yancheng International Women's Fashion Co., Ltd. and Hainan Graceful Underwear Co., Ltd., making China one of Triumph's bases in the world. Currently, Triumph Yancheng plant has also become Triumph the world's largest and most advanced production base, the annual output to reach 20 million sets of underwear.
Lin Yingluo said just entering China, Triumph's main buyers are white-collar women working in foreign-funded enterprises and some of the upper class women, despite the limited customers for sale, Triumph or at once set up in China, 30 sales outlets. Today, Triumph in the Chinese market has successfully introduced three brands, namely the high-end fashion "Valisere", "Triumph" and targeting young people aged 18 to 24 "Sloggi" in the country already has more than 1,600 sales outlets , And has accounted for more than 20% market share of the national department store underwear sales, and China has long been an integral part of Triumph Worldwide.
2009 continued to expand
The global financial crisis has intensified. Major multinational corporations or layoffs and pay cuts; or shrinking market inputs; or opening up and infiltrating 34 or more markets through price cuts so as to maintain the overall sound growth. Under such circumstances, this year's Chinese underwear market seems very quiet. In previous years, there have been very few major events such as national road shows and roving shows in major cities.
Triumph ushered in the best chance of expansion when the global financial crisis hit the Chinese textile industry, including underwear. Lin Yingluo said Triumph Global Group also saw the prospect of the Chinese market this year increased investment in the Chinese market, including personnel development and training, product development costs increase, etc .; the same time Triumph China will continue to boldly expand this year to seize more market share. "We have no plans to shrink the market for the time being and all the promotion in the Chinese market will continue smoothly.Now we still need to keep understanding of Chinese consumers and maintain communication with the public so that each season's products are in line with the Chinese women to share our innovation , Fashion, comfort, high-quality brand concept. "Lin Yinglu said that under the economic crisis, many competitors fell, but to make Triumph met the best chance this year Triumph will continue to invest tens of millions to carry out marketing activities, in addition to the Continue to promote lingerie show in several major cities across the country, costing a lot of cost international Triumph creative design competition has just concluded the final in China. In addition, Lin Yingluo also revealed that the future will invest a few million dollars in Shanghai bustling lots to set up a flagship store.
However, Triumph China's bold expansion seems limited to the original market, for the development of new markets, the introduction of new brands, etc. seem a bit conservative. Lin Yinglu very frankly pointed out that at present, Triumph China did not plan to expand the third and fourth tier markets, did not launch or introduce plans cheaper than Sloggi brand, will not acquire or continue to introduce new brands. He believes that fashion products and other products are very different, for the development of the market has a priority, "Second and third tier markets such as the development of a front-line market, they will become our market."
In spending more cautious consumer situation, Triumph will be through the price to increase their competitiveness? Lin Yinglu for the company's goal and brand positioning is also very clear: No. He pointed out that under the current economic situation, shopping malls will do more promotional activities than before. "We can clearly see that underwear sales and underwear promotions are very attractive to many consumers, but Triumph's market decision-making is very clear , Seldom discount, no previous, and now will not do too much market adjustment because of the popularity of the promotion. "
However, Lin Yingluo also pointed out that due to the changing environment, Triumph China made some adjustments. "This year's situation is indeed tough. Under such circumstances, we have lowered the revenue target for this year and adjusted the originally set target of 20% to 12%." However, he stressed that although the indicator is lowered, Triumph Will not reduce investment, will not lay off, but will not reduce market investment.
800 billion market LABLE and BRAND
The Chinese women's underwear market is recognized by the industry as one of the markets with the greatest growth potential. Lin Yinglu admitted that "if the Chinese women's average purchase of three underwear calculations, the annual consumption of Chinese underwear in sufficient quantity to tempt every lingerie manufacturer in the world, plus with the continuous upgrading and diversity of Chinese women's underwear needs, It is foreseeable that in the near future, China's underwear market will maintain an annual growth rate of 20% at least annually. "The 2009 China Underwear Market Research Report also pointed out that the underwear industry is one of the most promising industries in China's garment industry. The future 10 years of its annual growth rate will maintain the speed of 20%, the total sales value will reach 800 billion yuan.
However, the Chinese underwear market is also recognized as the largest brand, the most chaotic competition in the market. First of all, this is a fragmented market. So far, there is no leading brand with absolutely overwhelming superiority. Second, there are over 3,000 large and small enterprises in China producing underwear. The competition has always been uneven. Coupled with the impact of the financial crisis on exports, Originally to do the processing of export sales to domestic sales, the market price war is even more the case.
For a German brand specializing in underwear and relatively strong prices Triumph, what does this competitive situation mean? Lin Yingluo put forward the theory of LABLE (trademark) and BRAND (brand). "At present, China's underwear market has a lot of LABLE, but very few BRAND, the number of brands obtained is Triumph, Wacoal. LABLE are a lot of price war, underwear consumption is not very mature in the Chinese market, you say Low-cost strategy is not credible to Triumph, but how long will it last? Three months? Five years? Or ten years? We firmly believe that consumers will eventually understand what is good underwear. "For the price system, For brand positioning, Lin Yingluo has a dedication in the eyes, "Triumph Group in Germany is a family business, we do not seek to make the most money, but to brand management."
However, Lin Yingluo said Triumph China achieved success while inevitably the brand aging problem. Therefore, in recent years, in addition to inject more fashion elements into the brand logo and counter decoration, the Global Underwear Design Competition has also been established. These marketing activities not only enrich the product line, but also enhance brand building.
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