7 January 2019
Growth is never by mere chance and such was the case with one of India’s fastest growing and most loved lingerie brand, PrettySecrets. PrettySecrets by Karan Behal started out as a women’s sleepwear brand with presence in major departmental stores and MBOs and later diversified its range in 2012 through e-tailing on PrettySecrets.com to include lingerie. Being a part of the family of apparel manufacturers, astute understanding of the business comes naturally to Karan which has helped him create a portfolio of 1200+ products including lingerie, nightwear, activewear and swimwear.
PrettySecrets prides in offering great fabric, quality, comfort coupled with uncompromising style and fashion aesthetics. And today’s women are looking for just that when shopping for their intimates – comfortable yet stylish. Indian women are experimenting their way forward with their innerwear and flaunting these quirky pieces as the new in-thing. PrettySecrets was quick to realise this shift in trend and launched stylish lingerie designs in a bid to grab the maximum share of this market. Also, what went in favour of the brand was the advent of globalisation, the internet proliferation and of course e-commerce which, like every other segment, has also made lingerie online.
The creation of an iconic brand
The quirky intimates by Karan have created their own market in India targeting women in the age group of 18-35 years who are stylish, confident, independent and have an uncompromising no-nonsense attitude. Though the brand does not have its own manufacturing units, the company works with specially selected contract manufacturers based not only in India but also in overseas for its assortments. However, all the designs, patterns and styling are finalised by its in-house team in Mumbai. Karan asserts,
Presently, it is in 50:50 proportion wherein 50 per cent of products are imported from China, primarily bras and nightwear, and the remaining 50 per cent come from various parts of India.
The brand greatly values product and the technology that goes behind producing quality.
Tapping the potential market
PrettySecrets claims to be the fastest growing lingerie brand across all online marketplaces and also the second largest chain of lingerie stores, the distinction which it achieved in India within just 10 months of its launching in April 2017. As per a report, net revenues of its competitors Zivame and Clovia and that of PrettySecrets in FY ’16-17 were Rs. 60 crore, Rs. 39 crore and Rs. 10 crore respectively. PrettySecrets has raised multiple rounds of private equity investment from prominent investors Karan further apprises,
The size of the intimatewear market, including the nightwear segment, is Rs. 20,000 crore and has been growing at a CAGR of 20 per cent over the past five years and it is going to reach around Rs. 30,000 crore by 2020. In online category, at best, we see a contribution of anywhere between 8-10 per cent by 2020. This may not seem like a large number, but it is a tremendous increase from the current 1-2 per cent contribution.
Presently catering and delivering to more than 19,000+ pincodes and its own 21 exclusive PrettySecrets outlets across 14 cities in the country, the company, in next 2-3 years, expects to see an increased retail footprint, with 300 franchise owned stores, presence in over 150 SIS counters and 1,000 MBOs.
While cotton has been the most favourable fabric for innerwear since time immemorial, the advancements and inclination towards trendier styles have brought in an array of fabrics to choose from -- satin, modal, silk, spandex, rayon, lace, mesh, polyamide, power net, etc. Also, in terms of style, the segment has had a huge leap and underwired, strapless, push-ups, bralettes, front open, convertible are few styles widely accepted by consumers. Today’s consumers are more confident about themselves and are not afraid of experimenting with colours, cuts and designs. Going by the trend, PrettySecrets doesn’t offer whites but rather goes for geo-pop prints, colours and new designs. Besides, ‘the innerwear-as-outerwear’ trend is becoming popular with time as well along with use of elements like metal rings, chains, leather straps, etc.
The innerwear category has broadened from being a basic requirement to a sassy, flauntable product and PrettySecrets understands it very well. With 100 per cent annual growth, the brand claims that it is the only Indian lingerie brand to partner with the biggest e-commerce websites of UAE and south-east Asia, Souq.com and Lazada.com, respectively.
Today, PrettySecrets has 24 stores across 10 states spanning all four corners of the country. The brand is aiming to take this number to 100 by the end of 2018 and is further planning to have 300 doors by the end of 2019. Karan asserts,
Presently, we retail through 350 trade stores across the country and are aiming to reach 1500 stores by the end of 2019. Our international exposure is currently limited but we are aiming to grow that exponentially this year
Nevertheless, the lingerie brand also acknowledges the potential of Tier-2 and Tier-3 towns as ‘half of its sales actually comes from these regions’. PrettySecrets prides in its aspirational nature and affordable price points which makes it desirable in these areas as well.