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Deep Dive: Category Started to Slow

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Deep Dive: Category Started to Slow DECEMBER 7, 2016 1) The UK underwear market enjoyed strong growth in the period through 2014. However, beginning in 2015, the Deep Dive: category started to slow. British shoppers spent £3,167 million on underwear in 2015, down 0.1% year over year. Intimates 2) Intimate apparel in the UK is sold at a variety of retail formats, including lingerie and apparel specialist stores and department stores. A notable feature of the UK Category in undergarment market is that supermarkets are some of the biggest purveyors of underwear in the UK. the UK: 3) In the past few years, numerous innovative pure-play online lingerie and underwear retailers have been launched Market Growth in the UK and globally. These startups usually offer a point of product differentiation, such as undergarments in non- typical sizing ranges, customized fit and sizing through new and Leading technologies, subscription services, and styles and designs Retailers that merge comfort and practicality with aesthetics. DEBORAH WEINSWIG Managing Director, Fung Global Retail & Technology [email protected] US: 646.839.7017 HK: 852.6119.1779 CN: 86.186.1420.3016 DEBORAH WEINSWIG, MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY 1 [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 Copyright © 2016 The Fung Group. All rights reserved. DECEMBER 7, 2016 TABLE OF CONTENTS EXECUTIVE SUMMARY .................................................................................................................................... 3 INTRODUCTION ............................................................................................................................................... 4 THE MARKET ................................................................................................................................................... 4 THE £3.2 BILLION UK UNDERWEAR MARKET SLOWS ........................................................................................ 4 SEGMENTATION .............................................................................................................................................. 5 THE RETAILERS ................................................................................................................................................ 6 THE UK’S MAIN UNDERWEAR RETAILERS ......................................................................................................... 6 RETAILERS AND BRANDS ................................................................................................................................. 9 INNOVATIVE ONLINE PURE PLAYS .................................................................................................................. 12 KEY TAKEAWAYS ............................................................................................................................................ 14 DEBORAH WEINSWIG, MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY 2 [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 Copyright © 2016 The Fung Group. All rights reserved. DECEMBER 7, 2016 EXECUTIVE SUMMARY UK consumers spent £3.2 billion on underwear in 2015, down 0.1% year over year. We estimate that UK underwear sales will grow at a pace of 1.5% year over year in 2016 and 2.5% in 2017. The emergence of a new category called “leisure,” which combines lingerie with athleisure gear, will help drive underwear sales. Women’s underwear made up 72% of the total underwear market vs 28% for men’s underwear in 2015. Although sales of women’s underwear grew at a faster rate than that of men’s underwear between 2010 and 2014, sales of both declined slightly in 2015. In terms of underwear brands, Calvin Klein, Triumph and Jockey dominate. Marks & Spencer (M&S) is the largest UK retailer of men’s and women’s undergarments, with a 6.7% market share in 2015, according to Euromonitor International. In the same year, some 9.2 million UK women bought underwear from M&S, according to Kantar Media. M&S allocates over 11% of store space to this category, more than any other retailer apart from Primark. However, M&S has been losing underwear market share over the past few years, as it has in the overall apparel category. Supermarkets are some of the biggest purveyors of underwear in the UK. Asda has the second-biggest market share, behind M&S, according to Euromonitor, and some 5.4 million UK women bought underwear from a supermarket in 2015, according to Kantar. Pure-play online retailers such as Amazon and ASOS are also meaningful purveyors of both men’s and women’s undergarments. Almost every specialty and fast-fashion apparel retailer—such as The Gap, H&M, Topshop, Next and Ted Baker—has branched out into lingerie and underwear. In the past few years, numerous innovative pure-play online lingerie and underwear retailers have been launched in the UK and globally. These startups usually offer a point of product differentiation, such as undergarments in non-typical sizing ranges, customized fit and sizing through new technologies, subscription services, and styles and designs that merge comfort and practicality with aesthetics. New sizing technologies are enabling companies to help shoppers find the perfect fit and the right size. DEBORAH WEINSWIG, MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY 3 [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 Copyright © 2016 The Fung Group. All rights reserved. DECEMBER 7, 2016 INTRODUCTION In this report, we bring together the latest data and forecasts for the UK British shoppers spent £3,167 lingerie market in terms of market size, sales growth, segmentation, as well billion on underwear in 2015, as leading UK underwear/lingerie retailers and brands. We also introduce down 0.1% year over year. several new and innovative UK and global online pure-play underwear and lingerie retailers. For the purposes of this report, we define intimates as the total of briefs, boxers, trunks, bras and lingerie sets, camisoles, slips, garters, shapewear and sports bras. We divide the report into two main sections: The Market: We provide data and insight into the size, segmentation and prospects for the intimates market. The Retailers: We look at leading UK lingerie retailers and brands, as well as new innovative online lingerie startups that have been established in the last few years. THE MARKET The £3.2 Billion UK Underwear Market Slows • British shoppers spent £3,167 billion on underwear in 2015, down 0.1% year over year, according to our analysis of data from Euromonitor. • Between 2010 and 2014, the market grew at a compound annual growth rate (CAGR) of 3.7%. The category saw a slowdown in 2015. • We estimate that UK underwear sales will grow at a pace of 1.5% year over year to £3,215 million in 2016. • In 2017, we forecast sales growth of 2.5%. The emergence of a new category called "leisurée" will help drive underwear sales. The leisurée category combines lingerie with athleisure gear. Figure 1. UK: Total Sales of Underwear (INcl. Sales Tax) GBP Mil. YoY % Change 2011 2,873 4.8% 2012 3,029 5.5% 2013 3,107 2.6% 2014 3,171 2.1% 2015 3,167 (0.1)% 2016E 3,215 1.5% 2017E 3,295 2.5% Source: Euromonitor International/Fung Global Retail & Technology Approximately 315.5 million units of underwear were sold in the UK in 2015, according to Euromonitor. DEBORAH WEINSWIG, MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY 4 [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 Copyright © 2016 The Fung Group. All rights reserved. DECEMBER 7, 2016 Figure 2. UK: Unit Volume Sales of Apparel Mil. Units YoY % Change 2011 389.0 3.0% 2012 296.2 2.5% 2013 303.0 2.3% 2014 309.6 2.2% 2015 315.5 1.9% Source: Euromonitor International According to Research and Markets, the global online lingerie market is expected to grow at a compound annual growth rate of 17% in 2016 to 2020. We estimate that the UK online underwear market will grow by 9.0% annually in 2017-20. Source: Shutterstock SegmeNtatioN Women’s underwear made up 72% of the total underwear market vs 28% for men’s underwear in 2015, according to Euromonitor. Figure 3. 2015 UK Underwear Market SegmeNtatioN (%) Women’s underwear made up 27.8% 72% of the total underwear market vs. 28% for men’s underwear. 72.2% Women Men Source: Euromonitor International/Fung Global Retail & Technology DEBORAH WEINSWIG, MANAGING DIRECTOR, FUNG GLOBAL RETAIL & TECHNOLOGY 5 [email protected] US: 917.655.6790 HK: 852.6119.1779 CN: 86.186.1420.3016 Copyright © 2016 The Fung Group. All rights reserved. DECEMBER 7, 2016 Although sales of women’s underwear grew at a faster rate than that of men’s underwear in 2010-14, sales of both declined slightly at the same pace in 2015. According to a survey by Kantar Media in 2015, approximately 7.4 million UK women spent between £10 to £19 on underpants in the preceding 12 months. In the following chart, we highlight estimated bra and underwear expenditure made by UK female consumers. The data suggest that the majority of undergarment purchases are made at low price points, and that the average amount spent is higher for bras than for underwear. Figure 4. UK: Estimated Number of WomeN PurchasiNg UNderwear and Bras iN the Previous 12 MoNths, by AmouNt SpeNt, 2015 (Thou.) 7,381 6,357 5,944 5,117 4,546 3,339 2,697 1,677 1,643 930 574 415 Less than £10 £10 to £19 £20 to £34 £35 to £49 £50 to £74 £75+ Underwear Bras Source: Kantar Media The Retailers The UK’s MaiN Underwear Retailers Intimate
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