Feel the Heat
Opportunity: Specialty Lingerie
Every woman wants to feel sexy and beautiful, and specialty lingerie helps them do just that. From plus size to maternity to lingerie for women over age 40, "There's a golden opportunity in all of these areas," according to Rosalie Regni, assistant professor of merchandising at Virginia Commonwealth University. In fact, this $10.5 billion industry grew an impressive 10 percent in 2006, according to the NPD Group.
Victoria Roberts, 47, founded Zovo Lingerie to cater to the underserved 35- to 60-year-old market with her upscale line of beautiful, well-made pieces. "It's going back to basics, but doing it in a way that's styled a little more hip and has a younger-at-heart baby boomer in mind," she says. Roberts sells her line, which includes underpinnings, loungewear and sleepwear, at her Seattle-area brick-and-mortar store, online at zovolingerie.com and at retailers like Nordstrom. The company's sales have been $1 million annually since its launch in 2005.
While upscale is a great niche, Regni also points out opportunities in more affordable lingerie. It's a competitive market, she warns, but entrepreneurs can carve their place in lingerie with a fresh take. "More than ever, retail stores are looking for differentiation--they're looking for the new, the innovative," she says.
Before launching your hot new lingerie business, let these tips help your venture take shape: - Start small. As a new lingerie company, you can get your foot in the door at trunk shows, trade shows and independent boutiques. Establish your name with smaller contracts at first, says Regni--only then can you pitch larger retailers.
- Think pretty, but comfortable as well. Sexy lingerie is great, but if it's binding, itchy or ill-fitting, they're not going to buy it in droves. "The thing about underwear in particular [is that] it can't just be pretty," says Regni. "It's got to fit well, and it's got to feel good because you have to live in it all day."
- Conduct a focus group. Find out what women are really looking for in their lingerie. Whether your niche is plus size, over 35 or maternity, you'll get stellar information that you can't buy. Roberts conducted a focus group to get inside information from her target market. "We found [that] what was being offered was geared toward a younger person," says Roberts. "People were frustrated with not only the store experience, but what was being offered in the stores."
- Find a niche. Roberts found her niche by using top-quality natural fabrics like cotton to create her comfortable yet highly fashionable designs.
- Build long-term relationships with customers. The relaxing ambience of Roberts' store allows customers to feel comfortable. She and her staff offer their lingerie expertise but are quick to point customers to other resources if Zovo doesn't have exactly what they're looking for. She gains their trust that way--and they keep coming back to her when they want her specialty pieces. "Realize who you are and who you aren't," says Roberts. "Building relationships is a strong way to gain clientele. It's also a way to do business in the future."
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