Intimate clothing continues to be on the list of pandemic winners.
Indeed, most of the work-at-home wardrobe essentials are found in the world of homewear. Bras, underwear and socks are also items that consumers need to restock, even during shutdowns.
Intimate and clothing maker Delta Galil is just one of many companies to benefit Therefore.
The Tel Aviv-based company – that matters Seven for all mankind, Splendid, Schiesser, Eminence, Delta, PJ Salvage, Karen Neuburger, Nearly Nude and Fix among its brands – increased quarterly profits by 39 percentt, or $ 19.5 million, up from $ 14 million a year ago. Overall, however, sales fell 14% due to store closures and other impacts of the coronavirus, falling to $ 382.9 million in the quarter from $ 446.1 million a year. earlier.
“The fact that our sales have declined, while our profits have increased and our debt has fallen, indicates the strength of the product categories we are focusing on,” said Isaac Dabah, Managing Director of Delta Galil. He added that about 87% of business is in men’s basics, women’s underwear and socks.
“In fact, sports socks performed very well in the quarter and we believe this trend will continue as very few people are wearing dress socks right now, ”Dabah said.
Other commodity categories, such as bras and underwear, also continued to perform well in the quarter. But Delta Galil has not finished capitalizing on current pandemic mode needs.
In August, Delta Galil agreed to purchase lingerie and swimwear e-merchant Brand necessities for an undisclosed amount. The platform sells over 160 brands in the categories of underwear, lingerie, swimwear, fitness wear and sleepwear, names such as Spanx, Wacoal, Calvin klein and Chantelle.
The company also increased its investments in Brayola, the New York The city-based online bra business, which Delta Galil acquired earlier this year for more than $ 1 million. And Delta Galil is expanding the product assortment The Bogart Group, the manufacturer of lingerie, swimwear and sportswear that Delta Galil acquired in July 2019.
Delta Galil isn’t the only company to take advantage of the need for privacy. Examples of this can be found in the retail business.
Earlier this month, intimate brand Knix hosted a fall virtual warehouse sale in lieu of its usual Black Friday event, selling over $ 1 million worth of merchandise in the first 15 minutes, including over 85,000 pairs of underwear.
Target CEO Brian Cornell said apparel has been a positive in recent quarters, with underwear being one of the top performers. The big box retailer even added new offerings, such as luxury lingerie brand Journelle, to selection. Bras and underwear also performed well for Victoria’s Secret sister brand Pink in the last quarter. Even independent underwear brands, like UK-based Stripe & Stare, which recently launched at Saks Fifth Avenue in New York City, had record sales last year. Stripe & Stares’ revenue grew 1000% in November, year over year.
“We don’t need to replace a lot of our clothes right now. We’re not going to work, ”said Kristen Classi-Zummo, director of apparel market analysis at market research firm NPD Group. “But we still need the basics. We still need intimates; we still need underwear. All of this affects spending on clothing in a way. ”
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