Sandro Veronesi, the billionaire whose Caledonia Group sold €1.8bn worth of intimate apparel and clothing last year, is planning to take on Victoria’s Secret by opening his first US store. He said to Bloomberg that he is planning to start with the fashion capital, New York, then expand further into other major cities. The company sells Intimissimi Lingerie, Caledonia socks and Falconeri knitwear in more than 3,800 stores mainly in Europe. They have a small amount of stores in Hong Kong and Japan, but they are not planning further openings in Asia, as consumers are reluctant to switch.
The stores will open in the US over the next few years. It will be tricky as the market is dominated by L. Brands, the owner of Victoria’s Secret and La Senza. Last year, L Brands had a revenue of $11.4bn (in comparison to Caledonia’s $2.5bn) and a market value of $24.7bn in the year ending January 31st 2015.