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Underwear Retailing - UK - April 2009

The underwear market is not insulated from the Credit Crunch and UK recession: after a relatively good 2008, which saw the sector grow by 2.3% on 2007 and reach a value of £3.4 billion, Mintel estimates that it will decline by 1.2% in 2009. Menswear will be hit harder than womenswear.

Volume growth has outstripped value growth as price has been a key competitive stance, leading to the success of value retailers/supermarkets (especially Primark) and the rise in popularity of multi-packs. However, specialists with differentiation – such as La Senza and Figleaves – have also grown strongly.

Such polarisation could become more marked going forward, as consumers opt to either buy more cheaply or buy fewer but better quality items.

Consumer research shows that many people buy underwear just for replacement, so the challenge is to drive more ‘wants’ interest, especially as outerwear fashion trends are favourable for the sector (slim silhouettes).

Main themes

  • How is competing on design, differentiation, choice, service and added value essential in order to attract customers?

  • Why is it important for retailers to encourage more women to be fitted for bras, and how can this lead to more sales?

  • What impact will the trend for body conscious silhouettes and for skirts/dresses have for shapewear and hosiery?

  • How can niche sectors such as sports bras and fashion-maternity underwear realise their potential?

  • Why is it beneficial to merchandise hosiery alongside clothing?

  • What can multichannel retailers do to make sure their online and in-store operations operate seamlessly alongside one another?

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Table of contents

  1. Issues in the Market

      • Main themes
        • Definition
          • Abbreviations
          • Future Opportunities

            • Shoppers have less money in the same style as the headings below
              • Women need to be measured
                • Multi-packs could be re-thought
                  • Trading Up, Trading Down, Trading Over (trend from Inspire)
                    • Shop your age (trend from Inspire)
                    • Market in Brief

                      • Size and shape of market
                        • Decline in 2009
                          • What the market needs: New opportunities
                            • Strongest and weakest
                              • The future
                              • Internal Market Environment

                                  • Key points
                                    • Buying and gifting trends
                                      • Women buying lingerie and underwear
                                        • Figure 1: Lingerie items women bought, 2002, 2004, 2006 and 2008
                                      • Women’s expenditure on bras
                                        • Figure 2: Women’s expenditure on bras, 2002, 2004, 2006 and 2008
                                      • Men buying and spending on underwear
                                        • Figure 3: Men’s expenditure on underwear, 2006 and 2008
                                      • Gifting: Women buying and spending on men’s underwear
                                        • Figure 4: Women’s expenditure on men’s underwear, 2006 and 2008
                                      • Gifting: Men buying and spending on women’s underwear
                                        • Figure 5: Men buying and spending on bras, 2002, 2004, 2006 and 2008
                                        • Figure 6: Men’s expenditure on women’s underwear, 2002-08
                                      • Fashion trends
                                        • Growth of niche segments
                                          • Fitting issues
                                            • Celebrities
                                              • Fast fashion and lead times
                                              • Broader Market Environment

                                                • Key points
                                                  • PDI and consumer spending
                                                      • Figure 7: Personal disposable income (pdi) and consumer expenditure, 2004-09, 2013
                                                    • Weak Pound will mean some higher prices
                                                      • Unemployment increasing
                                                        • Figure 8: Unemployment as a percentage of the workforce, 2004-13
                                                      • The challenge of the changing age structure
                                                        • ABC1s continue to grow but may choose to save
                                                          • Marriages and birth rates
                                                          • Competitive Context

                                                            • Key points
                                                              • Make-up with a feel-good factor
                                                                • Figure 9: Underwear, make-up and footwear, retail value sales, 2004-09
                                                              • Footwear is hot for fashion
                                                              • Strengths and Weaknesses

                                                                • Strengths
                                                                  • Weaknesses
                                                                  • Who’s Innovating?

                                                                    • Key points
                                                                      • The ‘Bra Fitting Bus’
                                                                        • Creating a sports community
                                                                          • Support in the night
                                                                            • Men can benefit from shaping up
                                                                              • Underwear with real attraction
                                                                                • Getting technical with lasers and sound
                                                                                  • Tights for men
                                                                                    • Pyjamas become eco-fashionable
                                                                                    • Market Value and Forecast

                                                                                      • Key points
                                                                                        • Adult underwear overview
                                                                                            • Figure 10: Retail sales, women’s and men’s underwear, 2004-09
                                                                                          • Women’s underwear
                                                                                            • Men’s underwear
                                                                                              • Forecast
                                                                                                • Figure 11: Retail sales of adult underwear, women’s and men’s, 2004-14
                                                                                                • Figure 12: UK retail sales of lingerie, 2004-14
                                                                                                • Figure 13: UK retail sales of hosiery, 2004-14
                                                                                                • Figure 14: UK retail sales of men’s underpants, vests and socks, by value and volume, 2004-14, at current and constant 2008 prices
                                                                                                • Figure 15: UK retail sales of men’s and women’s nightwear, 2004-14
                                                                                              • Factors used in the forecast
                                                                                              • Market Segment Performance

                                                                                                • Key points
                                                                                                  • Women’s lingerie
                                                                                                    • Figure 16: Retail sales of lingerie, 2004-09
                                                                                                  • Women’s hosiery
                                                                                                    • Figure 17: Retail sales of hosiery, 2004-09
                                                                                                  • Men’s underpants, vests and socks
                                                                                                    • Figure 18: Retail sales of men’s underpants, vests and socks, by value and volume, at current and constant 2004 prices, 2004-09
                                                                                                  • Men’s and women’s nightwear
                                                                                                    • Figure 19: Retail sales of men’s and women’s nightwear, 2004-09
                                                                                                  • The future
                                                                                                  • The Consumer – Where They Buy

                                                                                                    • Key points
                                                                                                        • Figure 20: Where they bought underwear for themselves in the last 12 months, 2005, 2007 and 2009
                                                                                                        • Figure 21: Where they bought underwear for themselves in the last 12 months, January 2009
                                                                                                      • M&S dominates as underwear destination
                                                                                                        • Specialists do well in a competitive market
                                                                                                          • Internet storms ahead
                                                                                                            • Clothing multiples less impressive
                                                                                                              • The top five
                                                                                                                • Figure 22: Where they buy underwear, the last 12 months, by gender, age and social grade, January 2009
                                                                                                              • M&S is strong but value competition could increase
                                                                                                                • Primark is the youth destination
                                                                                                                  • Supermarkets build on family convenience
                                                                                                                    • Increasing competition
                                                                                                                      • Figure 23: Where they buy underwear, last 12 months, by gender, age and social grade, January 2009
                                                                                                                    • Specialists could be taking young consumers from clothing multiples
                                                                                                                      • Internet is a key channel for brands
                                                                                                                        • Next is hot for men
                                                                                                                          • Figure 24: Where they buy underwear, last 12 months, by gender, age and socio demographic sub group, January 2009
                                                                                                                        • Going for a Burton
                                                                                                                          • New Look broadening opportunity
                                                                                                                          • The Consumer – Where They Buy Hosiery

                                                                                                                            • Key points
                                                                                                                                • Figure 25: Where they buy hosiery, the last 12 months, 2007 and 2009
                                                                                                                                • Figure 26: Where they buy hosiery, the last 12 months, January 2009
                                                                                                                              • Tough competition for top slot
                                                                                                                                • Fragmented market
                                                                                                                                  • Lack of desire
                                                                                                                                    • Top five
                                                                                                                                      • Figure 27: Where they buy hosiery, the last 12 months, by gender, age and socio demographic sub group, January 2009
                                                                                                                                    • M&S head-to-head with Tesco
                                                                                                                                      • Primark dominates youth sector
                                                                                                                                        • Tesco overtakes Asda
                                                                                                                                            • Figure 28: Where they buy hosiery, the last 12 months, by gender, age and social grade, January 2009
                                                                                                                                          • Debenhams’ young aspirational appeal
                                                                                                                                            • Men most likely not to buy
                                                                                                                                              • Underwear versus hosiery buying
                                                                                                                                              • The Consumer – Attitudes to Buying Underwear and Hosiery

                                                                                                                                                • Key points
                                                                                                                                                    • Figure 29: What they think about buying underwear and hosiery, January 2009
                                                                                                                                                  • Replacement motivation dominates
                                                                                                                                                    • Multi-packs the most popular
                                                                                                                                                      • Buying less but buying better?
                                                                                                                                                        • Usage and price/budget attitudes
                                                                                                                                                          • Figure 30: What they think about buying underwear and hosiery, by gender, age and socio demographic sub group, January 2009
                                                                                                                                                        • Teens and twenties most interested
                                                                                                                                                          • Multi-packs more common in hosiery
                                                                                                                                                            • Less money = less purchasing this year
                                                                                                                                                              • Fashion and quality/style attitudes
                                                                                                                                                                • Figure 31: What they think about buying underwear and hosiery, by gender, age and social grade, January 2009
                                                                                                                                                              • The importance of fit
                                                                                                                                                                • The treat opportunity
                                                                                                                                                                  • Outerwear fashion can drive sales
                                                                                                                                                                    • Men most interested in designer underwear
                                                                                                                                                                      • Where they buy underwear by attitudes
                                                                                                                                                                        • Figure 32: Where they buy underwear, by attitudes, February 2009
                                                                                                                                                                      • ‘Wants’ appeal of lingerie
                                                                                                                                                                        • Positive Debenhams
                                                                                                                                                                            • Figure 33: Where they buy underwear, by attitudes, February 2009
                                                                                                                                                                          • Where they buy hosiery by attitude
                                                                                                                                                                            • Figure 34: Where they buy hosiery, by attitudes, February 2009
                                                                                                                                                                          • Fashion and quality issues
                                                                                                                                                                          • Consumer Typologies

                                                                                                                                                                              • Key points
                                                                                                                                                                                  • Figure 35: Consumer typology groups, February 2009
                                                                                                                                                                                • Group 1: Receivers (24%)
                                                                                                                                                                                  • Group 2: Replacers (58%)
                                                                                                                                                                                    • Group 3: Buyers (18%)
                                                                                                                                                                                    • Channels of Distribution

                                                                                                                                                                                      • Key points
                                                                                                                                                                                          • Figure 36: Retail sales of underwear, outlet types by value, 2004-08
                                                                                                                                                                                        • Variety stores
                                                                                                                                                                                          • Value retailers
                                                                                                                                                                                            • Clothing multiples
                                                                                                                                                                                              • Department stores
                                                                                                                                                                                                • Supermarkets
                                                                                                                                                                                                  • Specialist retailers
                                                                                                                                                                                                    • Pureplayers
                                                                                                                                                                                                    • Retail Advertising and Promotion

                                                                                                                                                                                                      • Key points
                                                                                                                                                                                                        • Spending trends
                                                                                                                                                                                                          • Figure 37: Main monitored media advertising expenditure on lingerie and underwear, 2003-07
                                                                                                                                                                                                        • Who is spending where
                                                                                                                                                                                                          • Figure 38: Main monitored media advertising expenditure, on underwear and lingerie, by top advertisers, 2003-07
                                                                                                                                                                                                      • Retail Competitor Analysis

                                                                                                                                                                                                        • Key points
                                                                                                                                                                                                          • Specialists
                                                                                                                                                                                                            • Figure 39: Underwear and hosiery retailer specialists positioning, channels, sales and strategies, 2009
                                                                                                                                                                                                          • Non-specialists
                                                                                                                                                                                                            • Figure 40: Underwear and hosiery selected non-specialists positioning, strategies and evaluation, 2009
                                                                                                                                                                                                        • Retailer Profiles

                                                                                                                                                                                                          • Key points
                                                                                                                                                                                                            • Specialists
                                                                                                                                                                                                              • La Senza
                                                                                                                                                                                                                  • Figure 41: La Senza product offer, 2009
                                                                                                                                                                                                                • Ann Summers
                                                                                                                                                                                                                    • Figure 42: Ann Summers and Knickerbox, product offer, 2009
                                                                                                                                                                                                                  • Smaller specialists
                                                                                                                                                                                                                    • Figure 43: Smaller lingerie specialists, 2009
                                                                                                                                                                                                                  • Online specialists
                                                                                                                                                                                                                    • Figleaves.com
                                                                                                                                                                                                                      • Brastop.com
                                                                                                                                                                                                                        • Mio Destino
                                                                                                                                                                                                                          • Glamorous Amorous
                                                                                                                                                                                                                            • Stockingshq.com and tightsandmore.com
                                                                                                                                                                                                                              • Non specialists
                                                                                                                                                                                                                                • Marks & Spencer
                                                                                                                                                                                                                                  • Arcadia Group
                                                                                                                                                                                                                                    • Department stores
                                                                                                                                                                                                                                      • Debenhams
                                                                                                                                                                                                                                        • John Lewis
                                                                                                                                                                                                                                          • House of Fraser
                                                                                                                                                                                                                                            • Other department stores
                                                                                                                                                                                                                                              • Variety stores
                                                                                                                                                                                                                                                • Bhs
                                                                                                                                                                                                                                                  • Multiple clothing specialists
                                                                                                                                                                                                                                                    • H&M
                                                                                                                                                                                                                                                      • New Look
                                                                                                                                                                                                                                                        • Next
                                                                                                                                                                                                                                                          • Value clothing retailers
                                                                                                                                                                                                                                                            • Matalan
                                                                                                                                                                                                                                                              • Primark
                                                                                                                                                                                                                                                                • Peacock Group (Peacocks and Bonmarche)
                                                                                                                                                                                                                                                                  • TK Maxx
                                                                                                                                                                                                                                                                    • Supermarkets
                                                                                                                                                                                                                                                                      • George at Asda
                                                                                                                                                                                                                                                                        • Tesco
                                                                                                                                                                                                                                                                          • Sainsbury’s
                                                                                                                                                                                                                                                                            • Mail order
                                                                                                                                                                                                                                                                              • Avon
                                                                                                                                                                                                                                                                              • Appendix – Internal Market Environment

                                                                                                                                                                                                                                                                                • Underwear trends and influences
                                                                                                                                                                                                                                                                                • Appendix – Broader Market Environment

                                                                                                                                                                                                                                                                                    • Figure 44: Working population of women and men, and unemployment, 2004-13
                                                                                                                                                                                                                                                                                    • Figure 45: Age groups, 2004-13
                                                                                                                                                                                                                                                                                    • Figure 46: Demographic groups, men and women, 2004-13
                                                                                                                                                                                                                                                                                    • Figure 47: Number of marriages and births, 2004-13
                                                                                                                                                                                                                                                                                • Appendix – Retailer Profiles

                                                                                                                                                                                                                                                                                  • Product offer overviews
                                                                                                                                                                                                                                                                                    • Marks & Spencer
                                                                                                                                                                                                                                                                                      • Figure 48: Marks & Spencer, underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • Arcadia Group
                                                                                                                                                                                                                                                                                      • Figure 49: Arcadia Group, underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • Debenhams
                                                                                                                                                                                                                                                                                      • Figure 50: Debenhams, underwear own-brands/product offer, 2009
                                                                                                                                                                                                                                                                                      • Figure 51: Debenhams, underwear external brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • John Lewis
                                                                                                                                                                                                                                                                                      • Figure 52: John Lewis, underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • Other department stores
                                                                                                                                                                                                                                                                                      • Figure 53: Premium department stores, underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • Bhs
                                                                                                                                                                                                                                                                                      • Figure 54: Bhs, underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • H&M
                                                                                                                                                                                                                                                                                      • Figure 55: H&M, underwear product offer, 2009
                                                                                                                                                                                                                                                                                    • Next
                                                                                                                                                                                                                                                                                      • Figure 56: Next, underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • Other multiple clothing stores
                                                                                                                                                                                                                                                                                      • Figure 57: Other clothing specialists underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • New Look
                                                                                                                                                                                                                                                                                      • Figure 58: New Look, underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • Matalan
                                                                                                                                                                                                                                                                                      • Figure 59: Matalan, underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • Primark
                                                                                                                                                                                                                                                                                      • Figure 60: Primark, underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • Asda
                                                                                                                                                                                                                                                                                      • Figure 61: George at Asda, women’s underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • Tesco
                                                                                                                                                                                                                                                                                      • Figure 62: Tesco, underwear brands/product offer, 2009
                                                                                                                                                                                                                                                                                    • Mail order
                                                                                                                                                                                                                                                                                      • Figure 63: Main mail order catalogues, men’s and women’s underwear offer overview, 2008
                                                                                                                                                                                                                                                                                  • Appendix – Where They Buy Underwear

                                                                                                                                                                                                                                                                                      • Figure 64: Where they bought underwear for themselves in the last 12 months, by, region and supermarket used, January 2009
                                                                                                                                                                                                                                                                                      • Figure 65: Where they bought underwear for themselves in the last 12 months, by region, and supermarket used, January 2009
                                                                                                                                                                                                                                                                                      • Figure 66: Where they bought underwear for themselves in the last 12 months, by region and supermarket used, January 2009
                                                                                                                                                                                                                                                                                  • Appendix – Where They Buy hosiery

                                                                                                                                                                                                                                                                                      • Figure 67: Where they bought hosiery for themselves in the last 12 months, by gender, age, social grade, region, newspaper readership, daily internet usage, supermarket used, January 2009
                                                                                                                                                                                                                                                                                      • Figure 68: Where they bought hosiery for themselves in the last 12 months, by region, newspaper readership and supermarket used, January 2009
                                                                                                                                                                                                                                                                                  • Appendix – Their Attitudes to Underwear and Hosiery Buying

                                                                                                                                                                                                                                                                                      • Figure 69: What they think about buying underwear and hosiery, by gender, age and social grade, January 2009
                                                                                                                                                                                                                                                                                    • Where they buy underwear versus where they buy hosiery
                                                                                                                                                                                                                                                                                      • Figure 70: Where they buy underwear, by retailer, February 2009
                                                                                                                                                                                                                                                                                      • Figure 71: Where they buy underwear, by retailer, February 2009
                                                                                                                                                                                                                                                                                      • Figure 72: Where they buy underwear, by retailer, February 2009
                                                                                                                                                                                                                                                                                      • Figure 73: Where they buy underwear, by attitudes, February 2009
                                                                                                                                                                                                                                                                                      • Figure 74: Where they buy underwear, by attitudes, February 2009
                                                                                                                                                                                                                                                                                      • Figure 75: Where they buy underwear, by attitudes, February 2009
                                                                                                                                                                                                                                                                                      • Figure 76: Where they hosiery, by attitudes, February 2009
                                                                                                                                                                                                                                                                                      • Figure 77: Where they buy underwear and hosiery, by attitudes, February 2009
                                                                                                                                                                                                                                                                                      • Figure 78: Where they buy underwear and hosiery, by attitudes, February 2009
                                                                                                                                                                                                                                                                                  • Appendix – Typologies

                                                                                                                                                                                                                                                                                      • Figure 79: Typologies, by gender, age and socio-economic group, February 2009
                                                                                                                                                                                                                                                                                      • Figure 80: Average number of retailers, by age groups, February 2009
                                                                                                                                                                                                                                                                                      • Figure 81: Number of underwear retailers shopped at, by gender, age and social grade, February 2009
                                                                                                                                                                                                                                                                                      • Figure 82: Number of hosiery retailers shopped at, by gender, age and social grade, February 2009

                                                                                                                                                                                                                                                                                  Companies Covered

                                                                                                                                                                                                                                                                                  • Adidas
                                                                                                                                                                                                                                                                                  • Ann Summers Ltd
                                                                                                                                                                                                                                                                                  • Aristoc
                                                                                                                                                                                                                                                                                  • Asda Group Ltd
                                                                                                                                                                                                                                                                                  • ASOS
                                                                                                                                                                                                                                                                                  • Avon
                                                                                                                                                                                                                                                                                  • Berlei
                                                                                                                                                                                                                                                                                  • Bhs Ltd
                                                                                                                                                                                                                                                                                  • British Market Research Bureau (BMRB)
                                                                                                                                                                                                                                                                                  • Burton old
                                                                                                                                                                                                                                                                                  • Calvin Klein, Inc.
                                                                                                                                                                                                                                                                                  • Christian Dior
                                                                                                                                                                                                                                                                                  • Co-operative Group
                                                                                                                                                                                                                                                                                  • Debenhams Total (GTV)
                                                                                                                                                                                                                                                                                  • Diesel
                                                                                                                                                                                                                                                                                  • Direct Choice
                                                                                                                                                                                                                                                                                  • Dolce & Gabbana
                                                                                                                                                                                                                                                                                  • Dorothy Perkins old
                                                                                                                                                                                                                                                                                  • Figleaves Global Trading Ltd
                                                                                                                                                                                                                                                                                  • Freemans Plc
                                                                                                                                                                                                                                                                                  • Gfk NOP
                                                                                                                                                                                                                                                                                  • Giorgio Armani S.p.A.
                                                                                                                                                                                                                                                                                  • Gossard
                                                                                                                                                                                                                                                                                  • H&M Hennes & Mauritz
                                                                                                                                                                                                                                                                                  • Harrods Group Total
                                                                                                                                                                                                                                                                                  • Harvey Nichols UK
                                                                                                                                                                                                                                                                                  • House of Fraser Plc
                                                                                                                                                                                                                                                                                  • Hugo Boss
                                                                                                                                                                                                                                                                                  • J. Sainsbury
                                                                                                                                                                                                                                                                                  • Jasper Conran
                                                                                                                                                                                                                                                                                  • John Lewis Plc (department store)
                                                                                                                                                                                                                                                                                  • John Rocha
                                                                                                                                                                                                                                                                                  • Karen Millen
                                                                                                                                                                                                                                                                                  • Kiki Ltd
                                                                                                                                                                                                                                                                                  • Knickerbox (UK) Ltd
                                                                                                                                                                                                                                                                                  • kookai UK Ltd
                                                                                                                                                                                                                                                                                  • La Redoute (pre 20xx)
                                                                                                                                                                                                                                                                                  • La Senza Ltd
                                                                                                                                                                                                                                                                                  • Lee Cooper
                                                                                                                                                                                                                                                                                  • Lejaby
                                                                                                                                                                                                                                                                                  • Maidenform
                                                                                                                                                                                                                                                                                  • Marks & Spencer
                                                                                                                                                                                                                                                                                  • Matalan Ltd
                                                                                                                                                                                                                                                                                  • Myla
                                                                                                                                                                                                                                                                                  • Next Group
                                                                                                                                                                                                                                                                                  • Otto Group (Multichannel Retail)
                                                                                                                                                                                                                                                                                  • Pantherella Ltd
                                                                                                                                                                                                                                                                                  • Peacocks
                                                                                                                                                                                                                                                                                  • Primark Stores Ltd
                                                                                                                                                                                                                                                                                  • Ralph Lauren Ltd
                                                                                                                                                                                                                                                                                  • Redcats Brands UK
                                                                                                                                                                                                                                                                                  • Rigby & Peller Ltd
                                                                                                                                                                                                                                                                                  • River Island Clothing Co Ltd
                                                                                                                                                                                                                                                                                  • Roberto Cavalli
                                                                                                                                                                                                                                                                                  • Selfridges Retail Ltd
                                                                                                                                                                                                                                                                                  • Shop Direct Group
                                                                                                                                                                                                                                                                                  • Stella McCartney
                                                                                                                                                                                                                                                                                  • Sunspel
                                                                                                                                                                                                                                                                                  • Ted Baker
                                                                                                                                                                                                                                                                                  • Tesco Plc
                                                                                                                                                                                                                                                                                  • The Falke Group
                                                                                                                                                                                                                                                                                  • The TJX Companies
                                                                                                                                                                                                                                                                                  • The White Company Ltd
                                                                                                                                                                                                                                                                                  • Tommy Hilfiger Corporation
                                                                                                                                                                                                                                                                                  • Topman old
                                                                                                                                                                                                                                                                                  • Topshop old
                                                                                                                                                                                                                                                                                  • Ultimo
                                                                                                                                                                                                                                                                                  • Umbro International Limited
                                                                                                                                                                                                                                                                                  • Waitrose
                                                                                                                                                                                                                                                                                  • Wm Morrison Supermarkets
                                                                                                                                                                                                                                                                                  • Wolford

                                                                                                                                                                                                                                                                                  Underwear Retailing - UK - April 2009

                                                                                                                                                                                                                                                                                  £1,995.00 (Excl.Tax)