MEXICO CITY — Vicky Form, a fast-growing Mexican lingerie brand, plans to operate over 2,500 doors by 2016, a company insider told WWD.
The firm, majority owned by Switzerland’s Triumph, hopes to open 150 to 200 points of sale this year in large multiformat retailers beyond Mexico City to take its count to nearly 2,100. As part of that, it may also roll out 30 to 40 standalone shops, to bring its total to nearly 340.
“We plan to look at growth opportunities in other big cities like Monterrey and Guadalajara,” said the source, who requested anonymity because he is not authorized to speak to the press.
He added the label will also set up shop in Wal-Mart-owned apparel chain Suburbia, as well as in Wal-Mart and rival hypermarket operator Comercial Soriana, where it has most doors.
Revenues are also poised to rise 14 percent this year, compared to 8 percent last year, as the firm introduces Triumph in major Mexican department-store chains Liverpool and El Palacio de Hierro.
Triumph, which has been selling high-end shapewear at Sears de Mexico since August 2014, snapped up a majority yet undisclosed stake in Vicky Form in late 2013. As part of the deal, it formed a joint venture to grow in Mexico and establish a Latin American beachhead.
The executive said Triumph will likely enter South America in the medium term, with a possible incursion in Argentina, Chile or Paraguay, via Triumph and possibly Vicky Form.
Despite volatility, “Argentina is a very large and interesting market where we have a lot of growth potential,” said the source.
The executive said the firm has timed its expansion to profit from a growing lingerie market in Mexico where target consumers (women in their 20s and 30s) are looking for fashionable and provocative lingerie. Vicky Form tailors bikinis and bras to specifically fit Latina women, a move Maria Eliazar, a buying manager at Sears, says has helped fuel its success.
While Victoria’s Secret rushes to expand in Mexico, its clothes don’t always fit Mexicans with typically wide waists and little need for cup room. “Victoria’s silhouettes have slimmer waists and much more cup room,” Eliazar said. “Vicky’s clothing is made for more real women and fits most here.”
As consumers seek bargains in a sluggish economy, Vicky Form’s low prices ($15 to $40), should help drive sales, Eliazar added.
She said Vicky Form competes closely with Colombian lingerie labels. However, major rival Leonisa has lost some of its luster.
“Leonisa was a leading brand but has elevated its prices 30 to 40 percent,” Eliazar said. “They have put the market aside.”
Other Colombian brands including Kibys and Diane & Geordi are also quickly gaining traction, Eliazar said.