一年赚走中国女人近5亿！曾被抛弃的性感巨头 重回第一

This article details the full comeback story of Victoria's Secret, the once-fallen international lingerie brand that has reclaimed the top spot in GMV for the lingerie category on Tmall in China. Key takeaways include:

1. Core performance: Victoria's Secret China projects a net profit of approximately 450 million RMB for fiscal 2026, representing a 5x year-over-year surge. It secured the top position in lingerie sales during the 2026 618 shopping festival, outperforming long-time leading domestic upstarts Bananain and Ubras.

2. Product and buying tips: Victoria's Secret's current hit "Incredible VS Push Up Bra" features jelly-strip soft support technology that eliminates restrictive underwire, balancing lift and comfort. After combining platform coupons and multi-item discounts on live streams, the bra retails for just over 100 RMB, matching the price point of domestic emerging brands. Xiaohongshu hosts a large number of guides for group buys and coupon stacking to get lower prices.

3. Brand evolution: Victoria's Secret has adopted more size- and style-inclusive aesthetics, featuring ambassadors of different body types and styles, abandoning its past focus on the "perfect supermodel body" narrative, allowing everyday consumers to find products that align with their personal aesthetics.

This article maps Victoria's Secret China's comeback path and current lingerie market consumption trends, offering multiple insights for brand operations. Key takeaways include:

1. Current consumption trend: Aesthetic preferences in China's lingerie market are shifting. Consumers are no longer satisfied with one-size-fits-all comfort alone, and are seeking products that balance comfortable support, sophisticated sex appeal and emotional value. The one-size-fits-all segment has reached peak traffic growth and entered the era of stock competition, leaving "comfortable sex appeal" as a new untapped market opportunity.

2. Actionable brand strategies to learn from: Victoria's Secret adopted a full localization approach, forming a joint venture with a leading Chinese manufacturer to quickly access core technologies tailored to the Chinese market and adjust products flexibly. It diversified its spokesperson roster to feature women of different body types and styles, shedding its old negative label of "promoting body anxiety" and rebuilding a brand identity of inclusive, diverse sex appeal. It also lowered prices to match the core price range of domestic brands, leveraging its existing brand recognition to capture market share. Finally, it built a multi-category portfolio, using lingerie as a traffic driver to cross-sell pajamas, fragrances and other products, evolving into a lifestyle brand to boost customer lifetime value.

This article analyzes the shifts in China's lingerie market behind Victoria's Secret's comeback, outlining opportunities, risks and actionable lessons for lingerie sellers. Key takeaways include:

1. Market opportunity: One-size-fits-all has shifted from a rare differentiated selling point to a basic industry standard, and its traffic growth has peaked. After wearing one-size-fits-all styles for several years, consumers have increasingly noticed their shortcomings: lack of adequate support and poor fit for non-standard bust sizes. This has created a demand gap for products that balance comfort, support and sophisticated aesthetics, representing a new growth opportunity.

2. Lessons to learn: Victoria's Secret's localization approach—decentralizing decision-making to local teams, partnering with leading local supply chains to quickly adapt to consumer demand, integrating core technology to adjust products, matching competitor price points, and using diverse ambassadors to shed negative brand baggage—is highly relevant for small and medium-sized sellers.

3. Risk warning: Sellers that rely on a single hit product or single category for growth have weaker risk resilience. Sellers without established brand culture or multi-category operational capabilities are vulnerable to market share encroachment from established legacy giants and cross-sector lifestyle brands, and need to map out breakout strategies in advance.

This article uses Victoria's Secret China's comeback as a case study to offer multiple insights for product R&D and business transformation for lingerie manufacturers. Key takeaways include:

1. Shifts in product design and production demand: Consumers are no longer satisfied with one-size-fits-all comfort alone, and now prioritize products that combine soft support, shaping, and sophisticated aesthetics. Factories need to increase R&D investment in related new technologies to match evolving consumer demand to capture market opportunities.

2. Business upgrade opportunities: Leading domestic lingerie factories do not need to limit themselves to original equipment manufacturing (OEM). They can participate in brand operations by forming joint ventures with international brands, earning far higher investment returns than pure OEM manufacturing. The article notes that top lingerie manufacturer Regina Miracle, which holds 49% of the Victoria's Secret China joint venture, already earns more from this investment than from its core OEM business, making it the company's core profit driver and validating this model's viability.

3. Transformation insights: Extending the industrial chain to participate in brand operations leverages factories' inherent proximity to the market and control of core manufacturing technologies, delivering higher profit margins and stronger risk resilience than pure OEM. This is a viable upgrade path for domestic manufacturing firms.

This article梳理了中国内衣行业的最新发展动向，给服务内衣行业的服务商提供了行业趋势和业务方向参考，干货内容如下：

1. Industry development trend: China's lingerie industry has moved beyond the traffic-driven new consumption expansion phase, and entered a stock competition phase driven by product strength and brand power. Consumer demand has shifted from satisfying single functional needs to comprehensive demand that combines function, aesthetics and emotional value. Both established international brands and domestic emerging brands are searching for new growth breakthroughs, creating extensive demand for third-party services.

2. Core client pain points: Domestic emerging lingerie brands face slowing traffic growth, single-category growth bottlenecks, a lack of brand cultural heritage and multi-category operational capabilities. Established international brands carry outdated brand perception baggage, struggle with insufficient localization, and misaligned product pricing that does not match market demand. All types of brands require external service support to address these challenges.

3. Business direction: Service providers can build offerings around brand needs, including localization operation strategy consulting, supply chain connection, consumption trend research, and brand image reshaping marketing. These services help different types of brands achieve transformation and breakout, and capture new industry growth opportunities.

This article outlines the changing competitive landscape of the lingerie category on e-commerce platforms, offering guidance for category招商 and operations for platforms. Key takeaways include:

1. New shifts in category competition: Domestic emerging lingerie brands that rose through traffic growth are seeing slowing expansion. Formerly declining international legacy lingerie brands have rebounded through localization transformation, and cross-sector lifestyle brands are also entering the lingerie space, leveraging their existing brand power to deliver a down-market competitive shock to vertical niche brands. The competitive landscape of the lingerie category is being reshaped.

2.招商 and operation priorities: Platforms should prioritize recruiting successfully transformed international brands and cross-sector lifestyle brands with strong brand equity; these brands can drive new growth for the platform's lingerie category and attract consumers with diverse needs. Platforms should also support branded business extensions from domestic manufacturers that control core technologies, to unlock new growth points in the category.

3. Risk mitigation: Platforms should avoid overreliance on a single type of leading brand in the lingerie category, and instead diversify the category's brand structure to cover consumers with different levels and types of demand, preventing the category from falling into growth bottlenecks. Platforms can also guide brands to improve their price range positioning to match the needs of consumers with different purchasing power.

This article documents the latest developments in China's lingerie market, providing a real-world case study and research directions for industry researchers. Key insights include:

1. New industry trends: Lingerie consumption aesthetics in China are shifting: consumer demand has moved from a focus on one-size-fits-all comfort to diverse demand that balances comfort, function, aesthetics and emotional value. The one-size-fits-all segment has reached peak growth, while established international brands have achieved comebacks through localization transformation, and cross-sector lifestyle brands are delivering down-market competitive shocks to traditional vertical lingerie brands. The overall market structure is undergoing restructuring.

2. New research questions worth exploring: After the retreat of the new consumption boom, how has the competitive logic changed between traffic-driven brands and legacy brands? What are the effective localization paths for international brands to build roots in the Chinese market? Is the business model of manufacturing firms extending upstream from OEM to brand ownership viable? What is the underlying logic behind consumer aesthetic shifts and cycles?

3. Research implications: Consumer demand tends to follow a spiral upward trajectory, and new market gaps typically emerge in the middle ground between two extreme demand positions. Only brands that adjust their strategies in real time to keep up with evolving consumer demand can maintain a competitive edge in the market. This pattern also offers research reference value for other consumer goods categories.