The lingerie industry is growing at the phenomenal rate of 14% CAGR and will reach $6 billion by the year 2023.
There is no denying the fact that the Indian business ecosystem is now occupied with tremendous opportunities. If an investor is seeking to enter a particular business segment, he/she has numerous options for penetrating a segment, depending upon his/her passion and preferences.
The Indian business ecosystem is emerging as a huge playground for business investment. This penetration has resulted in tapping the untapped business areas that have always been a niche sector. The Indian lingerie industry being one such sector is successfully evolving with time, offering business opportunities to people along with quality lingerie for the customers.
In an e-mail interaction with Franchise India, Sonia Mondal, Founder, Styleeish explains how the lingerie industry in India is evolving along with the factors contributing towards its growth.
The Rapidly Evolving Indian Lingerie Industry
The growing awareness about the potential hidden in the Indian lingerie market is helping the industry to evolve at a rapid pace. The rising awareness within the sector has resulted in new national and international players that are exploring the Indian business soil for lucrative and profitable opportunities.
Sonia Mondal shares, “I am quite upbeat on the lingerie industry in our country. The latest data suggest that the lingerie industry is growing at the phenomenal rate of 14% CAGR and will reach $6 billion by the year 2023.”
Factors That Are Causing the Lingerie Industry to Boom
Every business sector has its own factors that are causing the industry either to boom or collapse. Eventually, it all depends upon how the business owners react to such factors and innovate according to the latest demands. Similarly, the Indian lingerie industry is too undergoing a huge transformation that is assumed due to several factors.
“There are multiple factors that are causing this industry to boom rapidly in the modern time. Increased disposable income, ease of shopping, increasing awareness on the health benefits of quality lingerie, and rising Internet technology are some factors that are heavily causing this industry to evolve,” says Mondal.
E-commerce: A Fruitful Segment
E-commerce has truly been beneficial for many running brands in modern time. Brands are looking to completely utilize the digital opportunities lying in front of them, expanding their services and brands across different demographic regions.
“With the advent of Internet & E-commerce platform especially through smartphones has significantly changed how women shop for lingerie. This platform offers intuitive features such as wide range of varieties, a preview to fit, ease of shopping at the comfort of your home, options to buy high-end luxurious lingerie products from anywhere in the country along with an option to return are some of the benefits of E-commerce platform,” adds Mondal.