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Innovations Lead Growth in Innerwear
By Karyn Monget
Makers are flooding the market with advances in technology, fit and fashion.
It's time to shake things up.
For several years, the lack of newness in the innerwear arena has dampened sales and growth, so manufacturers are exploring strategies to woo and tempt consumers with innovative product that offers style, fit, function and comfort.
Most of the new concepts are expected to surface in late 2014. Companies are experimenting with fresh ideas that include technology and applications that cool or warm the body, fabric blends with Lycra Beauty fabric that add longevity and a luxurious quality to undergarments, exclusive knitting techniques and seamless items that smooth silhouettes without compression. There's also a move toward ready-to-wear-inspired fabric and print combinations.
Another emerging trend: multitasking at-homewear and sleepwear that doubles as activewear, streetwear and casual sportswear. It's being driven by the so-called nesting syndrome, created by factors such as lingering unemployment and the growing number of Millennials who are still living with their parents. It's also a reflection of the desire for casual comfort as more people work from home.
Overall, the need for new ideas is imminent for brands to stay viable, say executives.
But for the most part, an in-depth look at the innerwear industry reveals a defensive approach rather than an offensive strategy to maintain market share and stimulate growth.
The intimates category -- whether it's bras, panties, daywear, shapewear, robes, loungewear or sleepwear -- flourished for decades, even during the 2008 recession and a stagnant post-recessionary period, when commodities like basic underwear and socks kept fueling a prolific replenishment business.
By mid-2011, the replenishment cycle began to slow in a risk-averse retail environment that relied on markdown merchandise, promotions and a select number of best-selling items and classifications, such as tabletop panty programs, to generate business. The end result was sameness of product in recycled colors or prints. About that time, consumers had their fill of basic fare and the appetite for fashion began to surface. But as shoppers were finally ready to spend again on fashion merchandise, they couldn't find it.
The absence of fresh ideas and product in the $11.05 billion innerwear market in 2013 took a toll on the industry's dollar and...