LOCAL media report that imported lingerie brands are creating keener competition for Korean producers. The recent opening in Seoul of flagship stores by La Perla and Etam and the strong growth of Wonderbra sales are quoted as examples of the progress being made by imports. Since it entered the Korean market in 2009, Wonderbra has reported double-digit annual growth and now operates 54 dedicated stores there that generate annual sales equivalent to USD 101.6m. Local brands are attempting to react with expanded product lines and diversification of distribution channels.
There could well be many other markets, in Asia and elsewhere, that offer comparable growth prospects for Western brands that make a determined effort to win market share from local labels.