Ubras, Bananae, NEIWAI inside and outside, while fighting is going on.

Editor’s note: This article is from the micro-channel public number “of commercial real estate headlines” (ID: Dtoutiao), Author: Mia Zhang Xuemei.

The comfortable underwear that was once a niche is completely out of the circle.

In 2020, there will be 6 financings for this subdivision track, and Ubras, Uniqlo, and Bananain directly dominate the top 3 of the Tmall Double 11 underwear hot sales list. In 2019, Antarctic and Hengyuanxiang accounted for 2 seats in Top3.

Newcomers are replacing old ones, and the Chinese underwear industry is changing dynasties. In the “steel-free era” dominated by comfortable underwear, the meaning of sexy has changed from “pleasing him” to “pleasing oneself.”

Picture source/Ubras official Weibo

In the past year, the concept of comfort is sexy, no longer limited to single underwear, but expanded to the entire category of underwear.

A new understanding of what sexiness is, has become the first step in the transformation of traditional old-fashioned underwear such as Huijie, the upcoming Aimu, Urban Beauty, and Langsha, the first Chinese underwear.

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Victim’s sexy demise, “no steel doctrine” rises

The popularity of China’s local comfortable underwear industry is behind a systematic transition of the times, with changes in consumption and aesthetic concepts, capital thrust, and channel changes.

  • Consumption Concepts and Aesthetics: From Niche Pioneers to Popularization

There is consumer demand, which stems from changes in consumer concepts.

In traditional aesthetics and consumer concepts, bras have always been a “tool” to highlight the characteristics of women. Steel ring and lace always seem to have a metaphor that pleases men.

Comfort underwear is completely another style. No steel ring, no emphasis on gathering, fullness, one-piece minimalist design, almost no sense of restraint, emphasizing “comfort is the greatest sexy”, “underwear for yourself”, self-joy, true self, personality, etc. are the high brand associations Frequency vocabulary.

China’s first batch of ShuFans of suitable underwear are mainly born and grown up in the 90s and 95s. For a long time to come, rimless underwear was still a niche carnival.

“Pioneer” NEIWA was founded in 2012 both inside and outside, with the same volume for many years. MiiOW/cat people, who have repeatedly appeared on Tmall Double 11, and toffee pie who focus on large-size comfortable underwear, are even more unknown.

Picture source/NEIWAI official Weibo inside and outside

In 2014, oxygen underwear was born, chanting to be “China’s version of Victoria’s Secret”. But at that time, the Victoria’s Secret Show, which was brought on by Liu Wen, He Sui, and Xi Mengyao, was pushing the “sexy” underwear to the top.

The watershed appeared in 2016. Neiwai no longer carnival alone inside and outside, suddenly 7 partners appeared around him-Bananain, Ubras, DARE ONE, Inman underwear, inner sex livarymio, Suhada Liangpin, and Jiayi underwear.

2016 Emerging underwear brands concentrated on outbreak

The comfortable underwear of the niche, breaking the circle to the public consumer’s vision. The topic of women’s underwear is no longer ashamed to get the countertop, and it has become a good business for entrepreneurs in cafes. It is in sharp contrast with the Victoria’s Secrets who are unconcealed after the highlights.

In 2017, the super IP Victoria’s Secret show made its debut in China, making a sensation in the fashion industry. Unexpectedly, in 2019, it announced that the curtain call was withdrawn from the stage of history. Under the impact of the epidemic, it was impossible to escape the fate of selling oneself, and it was eventually taken over by the fast fashion company Next.

Victoria’s Secret sexiness is dead, and the “comfort storm” is getting stronger and stronger. It is no longer limited to the original “steel-free” underwear category, and gradually extends to the entire category of underwear-underwear, leggings, socks, pajamas/home wear, sports underwear, yoga pants, scarves, etc.

The audience expanded from women toA full audience of men, women and children. In 2020, the data from the Strawberry Pie Data Survey and Computing System showed that “steel-free” among Chinese underwear consumers accounted for nearly 80%.

  • Capital thrust: NEIWAI inside and outside, Ubras, and Bananain out of the siege

Comfortable underwear stands in the air, and capital is moved by the wind, providing financial and strategic support for product development, marketing, and e-commerce channels.

According to incomplete statistics from commercial real estate headlines, from 2015 to 2020, a total of 17 emerging local underwear brands received 26 financings. What’s interesting is that there is a “peak in the next year” in track financing, but each time it reflects a different industry situation.

In 2016, comfortable underwear brands came together, the industry is in the education market stage, and the financing is mostly concentrated in the angel round and seed round millions. Despite the high risk of early investment, capital still rushed to enter, indicating that the prospects of the track are generally optimistic.

As of 2018, the craze of the comfortable underwear track has reached its climax. NEIWAI inside and outside, Ubras took the lead in entering the B+ round of financing, and the industry has further matured. In the following year, NEIWAI became the only brand inside and outside to enter the C round, completing 6 rounds of financing, and the cumulative amount of financing disclosed exceeded 360 million yuan, and mainstream VCs such as Zhen Fund, Qifu Capital, and Huaqiang Capital rushed to increase it.

Data source/public information collection mapping/commercial real estate headlines

Exposure has been opened, superimposed on the healthy consumption concept spawned by the epidemic, the popularity of comfortable underwear capital will rebound again in 2020. Sequoia Capital and Yuansheng Capital bet on Bananain and Ubras, respectively, in order to shake NEIWAI’s internal and external positions. Other capitals such as Zhonghui Capital, Xianfeng Cowin Fund, etc. are trying to “support” young talents such as Livarymio and Sujiliangpin.

In the confrontation between capital and darkness, the comfortable underwear track entered the rally stage. At present, only NEIWAI inside and outside, Ubras, Bananain, Maoren, and Toffee have received more than 2 rounds of financing, and the others have stopped in the first round.

  • Channel: From pure e-commerce to online and offline integration

Comfort underwear brands, without exception, all started from e-commerce. In the early days, there were even underwear vertical e-commerce platforms toffee pie, NICE IN, and metamorphosis boxes.

In the 2020 live broadcast year, comfortable underwear brands have increased their live broadcast channels. Ubras and Bananain played particularly well, and their performance was good. In the Tmall Double 11 underwear brand TOP10 list, the two ranked first and third respectively.

According to the observation of CBNData consumer station, Ubras and Bananain’s live sales contribution is very significant, the proportion is between 35%-50%, while NEIWAI internal and external less than 10%. The former is bound to various head anchors represented by Wei Ya and Li Jiaqi, and the topic is constant; the latter prefers female stars with their own “independent” labels.

From traditional e-commerce to live streaming, comfortable underwear is advanced online, but the experience is still lacking. It is imperative to supplement offline channels. NEIWAI took the lead in 2016 and has opened 106 stores so far, most of which are located in first-tier, new-tier, and provincial capital cities.

Ubras opened its first store in Xintiandi, Shanghai in January 2019; Bananain opened in Shenzhen Yifang City at the end of last year