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Lippo Plaza in Shanghai would lose French high-end brand Louis Vuitton as a tenant soon, but another global brand, and with sexier products, would replace it.
The Hermes Maison store, Louis Vuitton’s competitor, located opposite the retail space soon to be vacated, may not even feel threatened because the incoming tenant is more known for sexy bras and panties. Lingerie expert Victoria's Secret is coming to Huaihai Road and occupying the 1,475-square-meter retail space that Louis Vuitton would soon leave.
While it is Victoria’s Secret’s first China store, which would open by yearend, L Brands, the parent company of the lingerie stores, is actually operating 20 stores in key cities in China such as in the provinces of Guangzhou, Chengdu and Shanghai. However, it only sells beauty products like shampoos and perfumes, and fashion accessories because these retail outlets are only known as concept stores of Victoria’s Secret.
The date of the lingerie’s store depends on the underwear passing and clearing China’s customs, an employee of the retailer told China Daily. Meanwhile, the concept stores would go on with their business.
Despite the weak luxury market because of Beijing’s anti-corruption drive that forbids giving of expensive items to government workers, Victoria’s Store stands a good chance of doing well in China since wealthy Chinese are known to like and purchase expensive branded items when shopping overseas.
Even within the expanding middle class, Victoria’s Secret has potential clients that Frost and Sullivan, a consulting firm, reckoned that by end of 2016, the lingerie market in China would be worth $240 billion. It helps that Chinese TV viewers are familiar with the lingerie store because of Victoria Secret’s annual extravaganza.
And in spite of China’s strict censors, in 2015, during Victoria’s Secret’s 20th anniversary, Tencent got the exclusive video broadcast right to the show which they aired to Chinese viewers and got 180 million views.
It is not just Frost and Sullivan that is optimistic about the lingerie store’s prospects. Seeking Alpha believes that Victoria’s Secret could even get a slice of Lululemon Athletica because of its new sports range. With bold and bright designs, and with top models promoting those apparel, the lingerie expert is expected to benefit from the growing wellness and health market, not just shoppers seeking sexy underwear.
