Intimate Apparel Sales Heating Up: Maidenform CEO
The weather may be getting colder, but sales of intimate apparel are getting hotter, Maidenform CEO Maurice Reznick told CNBC.
“Intimate apparel across almost every channel is doing extremely well. Fortunately for us, we are doing even better in the category. We’re gaining a lot of share,” Reznick said.
Maidenform on Monday reported a quarterly profit that nearly doubling compared with last year. In August, the company raised its guidance for a second time.
The bra and panty maker sprawls a diverse market, with its product being offered in retailer stores ranging from Wal-Mart to Nieman Marcus. Competition varies as well, with some of its strongest competitors including Hanes Brands and Victoria's Secret, a subsidiary of Limited brands , Reznick said.
Maidenform is seeing the most strength in the middle market at stores like Kohl’s , but Reznick has even seen an increase in sales at stores like Macy’s and JC Penney , where consumers have been trading down, he said.
But consumers aren’t coming back in a frenzy, and despite Reznick’s optimism about the economy and the future of intimate apparel retail, he said manufacturers of intimate apparel need to keep one thing in mind.
“The one thing that is really evident is you need to give consumers a reason to buy, and one of the biggest reasons why companies like ours are doing well, is because we are offering so much innovation,” Reznick said.
That innovation for Maidenform primarily consists of offering shapewear, or undergarments that help slim the female figure.
Shapewear is the fastest growing category in intimate apparel, and Maidenform has the largest market share in the category, Reznick said. Maidenform is optimistic in the continued growth of the category, he said.
“I’m bullish on lingerie,” said Reznick. “I’m bullish on shapewear.”
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