The Marketing mix of Lycra analyses the 4Ps of Lycra, including the Product, Price, Place, and Promotion of Lycra. Lycra is a synthetic fiber with an elastic quality. It is associated with the lifestyle and retail industry as it manufactures apparel. Brand Lycra was founded in 1958 by its founder, Joseph Shivers, and was introduced in 1962. Over the years, Lycra has set up high parameters because of invisible fiber and its lightweight quality, and it has become an active ingredient in most apparel. Lycra is a brand owned by INVISTA, a subsidiary of its parent company, Koch Industries, since April 2004. It faces competition from several companies that create duplicate Lycra.
About Lycra
- Type: Synthetic fiber
- Industry: Textiles
- Founded: 1958
- Founders: Joseph Shivers, Carothers, Hill, and Wiss
- Headquarters: Wilmington, Delaware, United States
- Area served: Worldwide
- Current CEO: Steve Stretch
- Number of employees: 3,000
- Major products: Lycra fiber, Coolmax, and Thermolite
Table of Contents
Lycra Product Strategy
Lycra is known for its elasticity, strength, and durability. It is a popular choice in making several apparel, especially skin-tight clothes. One of its significant advantages is that it returns to its original shape and size after stretching it repeatedly. Lycra is used for manufacturing surgical hoses, orthopedic braces, dance belts, and home-furnishing products like cushions and pillows. It is mainly used in making garments for both male and female and includes-
Males
- Swimwear includes swim briefs, swim trunks, board shorts, rash-guards, swim shirts, and performance swimwear
- Ready-to-wear includes t-shirts, jackets, suits, denim, shirts, sweaters and pants
- Activewear includes hoodies, sweatshirts, warm-ups, jackets, jerseys, shirts and shorts
- The base layer contains products like compression tops, compression shorts, and tights
- Underwear-like men’s shapewear, socks, boxers, and briefs.
- Accessories like gloves, belts
Females
- Intimates like lingerie, shapewear, panties and bras
- Activewear includes a base layer, yoga pants, tops, bottoms, and sports bras
- Legwear includes items like tights, socks, leggings and hosiery
- Swimwear like tankini, performance swimwear, rash-guards and swim shirts, bikinis, cover-ups and one-piece
- Ready-to-wear includes sweaters, tops, pants, dresses, skirts, jeans and shorts
Lycra, a brand name for synthetic fiber known for its exceptional elasticity, typically includes various applications in various industries.
The product mix of Lycra in 2023 is as follows (Source)
- Clothing: Lycra is extensively used in the clothing industry. This includes Sportswear and activewear: Leggings, tights, shorts, and sports bras. Swimwear: Swimsuits and bikinis. Undergarments: Socks, hosiery, underwear, and shapewear. Fashion Apparel: Stretchable jeans, tops, dresses, and skirts.
- Healthcare Products: Due to the advantages of its elasticity and comfort, Lycra is used in Compression garments, Stockings for varicose veins, and post-surgical garments. Orthopedic braces.
- Home Textiles: Lycra is sometimes blended with other fibers for home products like Bedding, Fitted sheets, and mattress covers. Furniture coverings.
- Industrial Applications: The strength and elasticity of Lycra make it suitable for Elastic bands and ropes. Protective covers for various industrial products.
- Accessories: Lycra is also used in Gloves, hats, and scarves. Hair accessories.
- Footwear: Lycra is used in manufacturing Socks and insoles. Stretchable components of shoes.
This diverse product mix reflects Lycra’s versatility and designers’ ability to improve a wide range of products’ comfort, fit, and performance. The products offered vary based on market demand, technological advancements, and fashion trends.
Lycra Place Strategy
Different names in different countries know Lycra. In North America, it is known as Spandex, and in Europe, several variants of elastane, like elastane in Germany, elastane in the Netherlands, elastane in Spain, elastane in France, and elastane in Italy. It is called Lycra in Israel, New Zealand, Australia, Argentina, Brazil, Portugal, India, Ireland and the United Kingdom.
In 2011, INVISTA announced opening of a production plant for Lycra in Brazil. Lycra fiber has a strong distribution network as it has become a favorite fabric for designers, mill owners, and brands for making all types of apparel. Its distribution channel includes services of wholesalers, manufacturers, and representatives or agents for efficient business dealings.
Lycra’s place strategy is as follows:
- Global Distribution Network: Lycra operates a widespread global distribution system, ensuring its products are available in numerous countries across continents, catering to a broad international market.
- Partnerships with Manufacturers and Retailers: The company collaborates with various manufacturers and retailers, ranging from high-end fashion brands to sportswear and healthcare products, to distribute its products.
- Online Presence: Lycra has adapted to the digital era by maintaining a robust online presence, allowing customers and businesses to access information and purchase products through digital channels.
- Supply Chain Efficiency: The company focuses on efficient supply chain management to ensure timely delivery and availability of its products, reducing lead times and optimizing inventory levels.
- Strategic Location of Production Facilities: Lycra’s production facilities are strategically located in key markets worldwide, which helps minimize transportation costs and improve the speed of distribution to various market segments.
Lycra Pricing Strategy
Lycra has become an in-demand fiber that can transform garments by delivering better comfort, shape, and fit even after continuous usage. It is a trademarked name of this brand, and its authentic fibers are produced only by INVISTA. Lycra has adopted a penetration pricing policy to make further inroads into the consumer market by increasing its market share. It has kept product prices reasonable so that its clients find it affordable and use it in bulk quantities. The greater the usage, the larger its revenues will be; hence, the Lycra company has adopted several promotional strategies to increase its sales volume.
Lycra’s pricing strategy is a sophisticated blend of market-oriented and value-based approaches, reflecting its premium positioning in the synthetic fiber industry. This strategy focuses on delivering superior quality and performance, justifying a premium price point while remaining competitive. Here’s a breakdown:
- Value-Based Pricing: Lycra’s pricing is rooted in the perceived value of its textile products. Its reputation for high-quality, durable, and innovative fibers allows it to command a premium price, especially in markets where performance and comfort are highly valued.
- Competitive Analysis: While maintaining a premium stance, Lycra keeps a close eye on the pricing strategies of its competitors. This ensures its prices remain competitive within the high-performance fabric market, balancing quality and affordability.
- Segmented Pricing Strategy: Recognizing the diverse applications of its products, Lycra employs a segmented pricing approach. This means different pricing for different market segments – for instance, pricing for medical-grade compression garments may differ from that for everyday sportswear.
- Dynamic Pricing: Given the fluctuating costs of raw materials and changing market demands, Lycra adopts a dynamic pricing model. This allows them to adjust prices in response to market conditions, supply chain factors, and innovations in fiber technology.
- Strategic Discounts and Partnerships: Lycra often engages in strategic partnerships with manufacturers and retailers, offering volume discounts and exclusive deals. This helps build long-term relationships with key denim industry players and supports bulk purchases.
In essence, Lycra’s pricing and marketing strategy reflects its products’ high-quality and innovative nature, catering to a market that values superior performance and durability while remaining adaptable to the ever-evolving market dynamics.
Lycra Promotion Strategy
Lycra is a recognized brand in the global market and has adopted several promotional policies to maintain its brand awareness. Brand Lycra launched its consumer campaign, LYCRA Sensations, for the first time via television and print media in the 1990s. Since then, it has been advertised via television and several advertising mediums and events. In 2014, it launched another successful campaign titled LYCRA Moves You.
Filippo Pozzato is a professional cycling champion of Italian origin. It has become the brand ambassador for Lycra Sport by CARVICO and promotes the launch of this innovative fabric in the cycling world. Andres Sarda, swimwear designer, highlighted the advantages of using Lycra Xtra Life fiber in its collection. Lycra has partnered with Galeries Lafayette Paris Haussmann to present the collection in five catwalk shows featuring intimate apparel.
Lycra’s promotion strategy is as follows:
- Brand Collaborations and Endorsements: Lycra partners with leading fashion and sportswear brands, leveraging their market presence to enhance visibility, sales, and credibility, and often collaborates with celebrities and athletes for endorsements.
- Digital Marketing and Social Media Engagement: The company invests significantly in digital marketing, utilizing social media platforms and online campaigns to connect with a broader audience, emphasizing the unique benefits and applications of Lycra fibers.
- Innovative Campaigns and Trade Shows: Lycra actively participates in international trade shows and organizes innovative marketing and advertising campaigns, showcasing the latest trends and technological advancements in fiber technology to attract industry attention and consumer interest.
Some Recent Video ads and Print ads of Lycra are:
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