Target challenges Victoria's Secret with new lingerie, sleepwear lines
Target Corp. will unveil three new lines of lingerie and sleepwear next month, challenging Victoria’s Secret as the longtime industry leader contends with sagging sales and shifting consumer tastes.
The retail giant will launch three brands – Auden for intimates, Colsie for loungewear and Stars Above for sleepwear. At the same time, Target will eliminate its existing intimates and sleepwear brand, Gilligan & O'Malley.
Target said the new lines will be affordable and size-inclusive, with bras selling for $22 or less. The company expects the three brands to surpass $1 billion in sales within their first year, the Wall Street Journal reported. The overall U.S. women's underwear market, which includes lingerie, generated $13.1 billion in sales in 2018, according to data from Euromonitor.
“Within intimates and sleepwear, we know our guests want to look and feel their very best, and we see potential for Target to offer both current and new guests so much more,” Target Senior Vice President Jill Sando said in a press release. “From new brands and experiences, to a campaign that celebrates that women come in all different shapes and sizes, we want to create the ultimate destination for our guests — one that’s inviting and inspiring and allows all women to feel comfortable and confident.”
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 124.40 | +2.81 | +2.31% |
| LB | LANDBRIDGE CO. LLC | 73.44 | +5.99 | +8.88% |
| AEO | AMERICAN EAGLE OUTFITTERS INC. | 17.22 | -0.05 | -0.29% |
Target said it consulted “hundreds of real women of all ages, shapes and sizes” while crafting the new apparel lines.
A longtime industry leader, Victoria’s Secret’s marketing campaigns have faced criticism in recent months as more companies embrace body positivity and inclusivity. Brands such as American Eagle-owned Aerie have seen a sales spike after embracing casual styles and avoiding airbrushing in advertisements.
The high-end womenswear company disclosed last August that it would close 20 stores amid weak sales performance. The brand’s CEO, Jan Singer, resigned last November, shortly after Victoria’s Secret’s chief marketing officer, Ed Razek, made controversial remarks about why the brand does not include transgender or plus-sized models in its annual fashion show. Razek later apologized.
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Despite slowing sales and growing competition, Victoria’s Secret still owns 24 percent of the overall U.S. women's underwear market, according to Euromonitor. The next nearest competitor, Fruit of the Loom, had a market share of just 5.1 percent.