Victoria’s Secret, the premium lingerie and beauty retailer from L Brands plans to launch new stores in Indian malls.
US-based L Brands is expected to explore the franchise model for Victoria’s Secret. The brand is setting the pitch for India's expansion even as the pandemic has crippled its business globally. Last year, Victoria’s Secret permanently closed 241 stores in North America and has projected to shut another 30 to 50 stores in the region.
Stuart Burgdoerfer, Executive Vice-President and Chief Financial Officer, L Brands, says they are pursuing a dual-path approach to the separation of Victoria’s Secret.
India with its young working-class and rising disposable incomes is too lucrative a market for brands to overlook.
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The local apparel market is expected to grow to a Rs 5,700-5,800-billion opportunity by 2024 despite the pandemic-led year-on-year 27 per cent decline in size in 2020.
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CREDITS: Boston Consulting Group (BCG) report.
