Pretty Secrets, online lingerie brand, is opening brick and mortar stores to cover more areas under its network. The brand will launch 30 stores by 2017 under the franchising model. Of these, 20 would be located in Mumbai and the rest would be pan India. The stores are expected to contribute 25 per cent to the company’s revenues in the next three years and by 2020. It hopes to capture three to five per cent market share.
The brand has plan to open 300 stores by 2019. For company owned stores, the average investment would be around Rs.50 lakh. However, the investment for franchise stores would range between Rs.35 and Rs.60 lakh, depending on the size and location of the stores. The India’s lingerie market, including nightwear segment, is worth Rs.20,000 crore and is growing at 20 per cent CAGR over the past five years. It is expected to reach around Rs.30,000 crore by 2020.
The success of lingerie business in India depends on three factors: manufacturing, supply chain and inventory. Since a particular product like a bra can have as many as 16 to 24 different sizes, and a shirt can be found in three or four sizes, inventory control is very crucial.
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