A Q2 2011 top-level analysis of the lingerie, homewear and hosiery retail market in Romania.

1. Competitive insight into hosiery and lingerie retail in Romania Q2, 2011

3. Dominated by local brands (and manufacturers) in hosiery, with strong representation of local brands (Jolidon, I.D. Sarrieri) in the lingerie category

4. Annual volume of the hosiery market is estimated at 35 million euro (2009 figures released by the Association of Hosiery Manufacturers), but data for lingerie is not publicly available

5. Estimated purchase per customer is 5-6 pairs a year, as opposed to European figures of approximately 18 pieces of hosiery per capita per year

7. Manufacturers might open own stores (ex. Adesgo)

10. Impulse or convenience driven when purchasing hose, primarily function driven in case of both hose and lingerieSuppliers - Lower pressure due to vertical integration (also in competitors) - Stock difficulties might arise due to international source, as opposed to the local warehousing / distribution of competitors Substitutes - No substitutable categories, but low differentiation of products within the category. - Low involvement purchase -makes quality of substitute less important

12. Dedicated lingerie shops: Triumph, Jolidon, La Senza, Reflections Intimates

13. Nightwear, housewear and lingerie stores: Etam, Oysho, Women’s Secret

14. Super and hyper-markets: Carrefour, Real, Auchan, etc. retailing known hosiery brands (Adesgo, Mondex, Laura Baldini)

15. Dedicated sections of large clothing stores (ex. C&A for both hosiery and lingerie, Peacocks for lingerie and housewear, etc.)

16. E-tailing, both mono and multi-brand online stores (www.laurabaldini.ro; www.fiore.ro; www.mondex.ro; www.sosetaria.ro; www.mall-lenjerie.ro)

18. Key competitors Mapping (price and design) High fashion (Trend & High quality) Reflections (EmporioArmani) ID Sarrieri Palmers Yamamay Calzedonia Oysho Penti Etam Women’s Secret Jolidon Golden Point High Price Low Price Mondex Reflections (own line) Triumph Serena La Senza Low Fashion (Basic lines & Average quality)

20. Channels: own stores, big-box retailers, e-tailing

21. 76 existing stores, of which 4 in Bucharest, 11 planned

22. High brand equity (historical legacy)

24. Channels: own stores

25. Early presence on the market translates into (some) brand recognition (for store rather than products)

26. Multi-brand: Golden Lady, Omsa, Sisi

28. Channels: own stores, big-box retail

29. Brand recognition, national pride factor

30. Esentially mono-brand

32. Triumph

33. La Senza

34. Reflections

35. Jolidon*

36. I. D. Sarrieri

37. Etam

38. Oysho

39. Penti

41. Reflections

42. Jolidon

43. Skiny

44. Palmers

45. Yamamay

46. Minerva

47. Etam

48. Oysho

49. Penti

50. Golden Point

51. Reflections

52. Jolidon

53. Triumph

54. Penti

55. Golden Point

56. Reflections

57. I. D. Sarrieri

58. Etam

59. La Senza

60. Jolidon

61. Etam

62. Women’s Secret

64. Jolidon

65. Triumph

66. Golden Point

67. Triumph

68. Jolidon

69. I. D. Sarrieri

70. Serena

71. Jolidon

72. Skiny

73. Mondex

74. Jolidon

75. Skiny

76. Gatta

77. Jolidon

78. Verdissima

80. Triumph

81. Jolidon

82. Sofiaman

83. Estelle

84. Mondex

85. Jolidon

86. Triumph

87. CalzedoniaDirectory Sole location in Bucharest