World's biggest lingerie brand bets on Melbourne with new flagship shop

The world's biggest lingerie brand Victoria's Secret is opening a new store in Melbourne, as it ramps up its Aussie shops to gain a slice of the lucrative $783m market.

The new shop, dubbed the 'store of the future" by the retailer, will open in the Emporium Melbourne shopping centre next Wednesday and will be the first of its kind in Australia.

It will have a beauty bar, bosses say, and as well as bras will sell the brand's fragrances, body care, lounge wear, and PINK brand.

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The spot was previously home to a Victoria's Secret Beauty Store, which is one of three separate Victoria's Secret brands run by the company.

It will also do bra fitting, including for women who have had mastectomies.

It is being brought to Australia by retail conglomerate Valiram.

The brand was founded in 1977 by Roy and Gaye Raymond in California, after Ray found buying underwear for his wife was disappointing.

It also once sold underwear via catalogue, and now has 1,350 shops,

In 2021 global sales were just under $1b ($US6.28)- up by a quarter on the year before, when it made a loss of $105m ($US72.3m).

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The firm became famous for its sometimes criticised annual celeb filled fashion shows, though they ended in 2018.

"The new store has an open look and feel, so our customers can clearly see everything and feel comfortable and confident in store," Mukesh Valiram, Executive Director of Valiram Group said.

"The product is the focus, the materials and finishes are new and it's a more open and welcoming environment, one that is light, airy, optimistic and authentic."

The brand's biggest competition in the Aussie lingerie market are Cotton On Body, Honey Birdette and Haines, which owns Berlei and Bonds, according to analysts Ibis World.

It predicts the industry will be worth $783m next year, a drop due to increasing competition from online and department stores.