Why Cheaper Lingerie Brands Still Can't Beat Victoria's Secret at Dominating the Lingerie Industry
2013.09.03
In the world of lingerie, Victoria's Secret takes the cake for being the most famous brand. But they're also facing competition from start-ups that challenge the brand.
For example, brands like AdoreMe, Intimint, and True & Co. are trying to win over Victoria's Secret customers with lower prices and more tailored selections.
AdoreMe does direct-to-customer lingerie at half the price of VS. Intimint asks customers to take a quiz and sends them new lingerie selections each month based on their preferences. True & Co. sends ladies five bras a month, giving them an option of keeping the stuff they like and sending back what they don't.
These brands may be customer-friendly and creative, but their business models still can't compete with what makes VS so successful.
Back in the '90s, VS focused on value. But they struggled because there wasn't anything to set them apart from other price-friendly brands.
The brand then decided to stop being cheap and focused on the customer experience. Stores were redesigned with soft pink wallpaper and inviting fitting rooms. Friendly store staff were also trained to greet customers and measure their bra sizes.
Women were then willing to pay $50 for VS bras for the luxury experience that made their lingerie shopping feel like investments. And this attention to customer service boosted Victoria's Secret's hold on the lingerie market.
While people like AdoreMe CEO Morgan Hermand-Waiche say that "people are so tired of high prices and slow-fashion from Victoria's Secret," Victoria's Secret's sales suggest otherwise. The brand recently reported a 6% increase in the second quarter, on top of a 10% increase last year - which is among the best in the retail industry.
Women aren't going to Victoria's Secret because it's affordable or made to fit, they're going because they trust the brand and it feels like a trip to the VS store is a treat. The simple truth is that Victoria's Secret offers an experience that e-commerce retailers can't compete with.
More Articles
Copyright © Fooyoh.com All rights reserved.