Chinese lingerie brand to open more offline stores

Cosmo Lady, one of China's largest intimate wear enterprises, plans to establish more physical stores in 2024, aiming to strengthen its leading position in the offline lingerie market, according to the company executives.

"Over the past few years, we have developed huge advantages in the offline channel, which is regarded as a DNA for our business growth," said Xian Shunxiang, chief operation officer of Cosmo Lady.

Xian made the remarks after the company launched a new series of intimate wear products with cutting-edge technologies in Dongguan, Guangdong province, on Wednesday. Also, the company announced at the launching ceremony it had teamed with the Chinese synchronized swimming team to promote its brand image and business.

The Hong Kong-listed company will establish more than 1,100 offline stores this year, of which most will be franchised, according to Xian.

"We have also worked closely with e-commerce platforms of Meituan and JD to facilitate sales in physical stores," said Xian, adding the company's online sales currently account for less than 20 percent of its total sales.

Expansion of its offline sales will be prioritized in 2024, based on its traditional resources in development of physical franchised stores, according to Zheng Yaonan, chief executive officer of Cosmo Lady.

“Many online tools will be used to empower our offline business, enabling our franchised stores to generate more business opportunities,” said Zheng.

There will still be significant market opportunities in the offline market, especially in the lingerie industry, where bras are a product category that requires a high level of experience, according to Zheng.

The company currently has more than 4,000 physical stores nationwide, of which more than 3,000 are franchised. "More stores will be opened in lower-tier cities, where we believe there will be a huge demand for lingerie products with competitive prices and high quality," said Zheng.