According to a major industry manufacturer has prediction the European lingerie market will experience a growth of 2-3 per cent in 2018.

Peter Partma, CEO of European Lingerie Group AS (ELG) believes that further consolidation of Europe’s still relatively fragmented lingerie industry will also continue this year.

Partma further says that as for further consolidation, mergers and acquisitions are a strategic way of entering the market and understanding the current needs and preferences of the population.

ELG has a clear strategy to grow through geographical and product portfolio expansion, new distribution channels and online sales. It is expecting organic and stable growth in the next years approximately 6-10 per cent turnover increase yearly for the Group companies, he added.

European Lingerie Group’s revenue for 2017 is approximately EUR72 million, including EUR34 million generated by Lauma Fabrics and around EUR38 million by Felina International.

ELG’s nearest competitors in 2017 were other European countries, mainly Germany, but the biggest competition in the lower-priced segment came from Asian and Turkish manufacturers.

In recent years, however, production costs in Asia have grown rapidly and production in Europe has started to flourish and regain its global position in the industry, noted Partma.

Baiba Birzniece, a supervisory board member of ELG says that western consumers value locally sourced materials and production quality, comfort, design and innovations of the products which is ELG’s big advantage together with the full production cycle from fabrics to ready-made garments.

The fact of the matter is that consumers’ preferences vary from country to country. European women often prefer functional lingerie over fashionable lingerie. They also value convenient shopping and online becomes more and more relevant. That is why ELG has defined online sales channels development as one of the priorities in 2018 together with product innovations and expansion into new markets, she added.