Intimate apparel continues to be on the list of pandemic winners.
This is because many of the wardrobe essentials for working from home can be found in the world of innerwear. Bras, underwear and socks are also items that consumers need to replenish during the blockade.
With underwear clothes Maker Delta Galil is just one of many companies that will benefit as a result.
Tel Aviv-based company — 7 for all humanity, Great, Schiesser, Eminence, Delta, PJ Salvage, Karen Neuburger, Nearly Nude and Fix brands saw a 39% increase in quarterly profit.t, or $ 19.5 million, compared to $ 14 million a year ago. Overall, however, store closures and other impacts of the coronavirus reduced sales by 14%, from $ 446.1 million in the year-ago quarter to $ 382.9 million.
“The fact that sales are down, profits are up, and debt is down shows the strength of the product categories we’re focusing on,” he said. Isaac Dava, CEO of Delta Galil. He added that about 87% of business is in men’s basics, women’s underwear and socks.
“In fact, sports socks We believe this trend will continue as the quarter is very strong and very few people are currently wearing dress socks, “Daba said.
Other basic categories such as bras and underwear continued to perform well this quarter. However, Delta Galil is not taking advantage of current pandemic fashion needs.
In August, Delta Galil agreed to buy lingerie And Swimsuit e-tailer Undisclosed amount of brand essentials. The platform sells over 160 brands in the underwear, lingerie, swimwear, shapewear and pajamas categories. Spanx, Wacoal, Calvin Klein And Chantel..
The company has also increased its investment in Brayola. New York A city-based online bra business acquired by Delta Galil for over $ 1 million earlier this year. Delta Galil is also expanding its Boggart Group product lineup, lingerie, swimwear and activewear manufacturers acquired by Delta Galil in July 2019.
Delta Galil isn’t the only one benefiting from the need for underwear. This example can be found throughout the retail industry.
Earlier this month, intimate brand Knix hosted an autumn virtual warehouse sale instead of the usual Black Friday event, selling over $ 1 million in products, including over 85,000 pairs of underwear in the first 15 minutes.
Target CEO Brian Cornell said apparel has been a bright spot in recent quarters and underwear is one of the most powerful performers. Large retailers are also adding new products such as: Luxury lingerie brand Journelle, For selection. Bras and underwear also performed well in the last quarter with Victoria’s Secret’s sister brand Pink. Even UK-based indie underwear brands like Stripe & Stare, recently launched on Saks Fifth Avenue in New York, recorded record sales last year. Stripe & Stares revenue increased 1000% year-over-year in November.
“Now we don’t have to replace a lot of apparel. Kristen Classi-Zummo, director of apparel market insights for market research firm The NPD Group, said:“ But we still need the basics. Still needs a close relationship. I still need underwear. All of that affects apparel spending. ”
Delta Galil benefits from the ongoing needs of basic, innerwear – WWD
Source link Delta Galil benefits from the ongoing needs of basic, innerwear – WWD