Victoria’s Secret bets on localisation to scale India business as Apparel Group clocks strong FY25 growth

Dubai-based Apparel Group is sharpening its India strategy for Victoria’s Secret, a US-based lingerie and clothing label, pivoting from a market-entry phase to focus on localisation, cultural relevance, and category-led growth.

The move comes amid intensifying competition in India’s premium lingerie and athleisure segment, where global and home-grown brands are vying for a young, fashion-conscious consumer base. By onboarding actor Triptii Dimri—whose appeal cuts across urban millennials and Gen Z—the brand aims to build stronger relatability while retaining its aspirational positioning.

Apparel Group India reported revenue of ₹1,120 crore in FY25, up 26% year-on-year, while Ebitda rose 53% to ₹222 crore. Net profit surged to ₹20.5 crore, marking a sharp turnaround from a loss in the previous year and signalling improving operating leverage as scale deepens.

In an interview with Fortune India, Abhishek Bajpai, CEO, Apparel Group India, discusses the strategic rationale behind appointing Dimri as the brand’s first India ambassador, evolving consumer behaviour, and the roadmap for sustained growth. Edited excerpts:

After entering India in 2021 and focussing on building operational capabilities and retail presence, what strategic shift has led to the appointment of a local brand ambassador for Victoria’s Secret?

India has reached a pivotal strategic inflection point for Apparel Group. Since 2021, our corporate focus has been on laying a robust operational foundation—establishing supply chains, securing prime real estate, and mastering the nuances of the Indian consumer. Having achieved significant scale and cultural visibility, we believe the brand is now ready for a ‘local voice’ to accelerate market penetration.

Appointing Triptii Dimri is a natural progression in that journey. She represents a modern Indian sensibility—confident, nuanced, and authentic—which aligns with how Victoria’s Secret is evolving globally. This is less about endorsement and more about meaningful cultural alignment.

How is the ambassador-led localisation strategy expected to translate into business outcomes such as customer acquisition and conversion?

The brand ambassador serves as a strategic bridge to the younger, urban demographic currently driving India’s consumption story, acting as a growth catalyst across our entire value chain. By leveraging her relatability, we aim to evolve brand perception from ‘aspirational and distant’ to ‘aspirational yet accessible,’ effectively lowering the barrier for first-time premium lingerie buyers.

From a corporate standpoint, we anticipate this partnership will drive a measurable lift in brand recall and conversion rates across both our physical and digital storefronts, strengthening our market position and customer acquisition efforts.

How are category expansion and portfolio diversification contributing to growth, particularly beyond lingerie?

While lingerie remains the foundational bedrock of our business in India, we are strategically scaling our beauty and body care segments to build a more comprehensive and balanced portfolio.

Fragrances and mists act as critical ‘gateway’ categories, providing accessible entry points for new customers and driving higher purchase frequency. By integrating these high-turnover products with our high-loyalty lingerie segment, we aim to maximise the total lifetime value of each customer within the Apparel Group ecosystem, ensuring sustained engagement across multiple lifestyle touchpoints.

Product innovation appears to be increasingly aligned with comfort and climate responsiveness. How are global collections being adapted for Indian consumers?

Collections like Summer Signature and Cool Air are rooted in global design and innovation frameworks but are highly relevant to Indian conditions, especially climate and lifestyle.

India is a market where seasonality is driven more by weather than fashion cycles. Lightweight fabrics, breathability, and all-day comfort are critical. These collections address those needs while staying true to the brand’s global aesthetic. It’s a balance between global consistency and local relevance.

What key changes have you observed in consumer behaviour across metros and emerging markets, and how are these shaping expansion plans?

Since the inauguration of our Mumbai flagship in 2022, we have observed a significant maturation in the Indian consumer landscape, characterised by a shift from utility-driven purchasing towards sophisticated ‘lifestyle curation.’

In major metropolitan hubs, this evolution is evident through the heightened demand for diversified categories such as loungewear and premium fragrances. Simultaneously, across Tier I and Tier II cities, a burgeoning ‘aspiration economy’, fuelled by digital exposure, has brought brand awareness to parity with metros.

While the purchase journeys in these emerging markets remain more digitally led, the insights gathered from these regions are instrumental in informing our future expansion strategies and geographic mapping.

How central is omnichannel integration to your India growth strategy going forward?

For Apparel Group, omnichannel is not an option; it is the core. The Indian consumer seamlessly moves between online discovery and offline purchase, and we are building capabilities to support that journey. Our digital platforms and app serve as the primary storytelling engines, while our physical stores provide the high-touch, sensory experience essential for categories like lingerie. The future lies in integrating both seamlessly.

What is the growth outlook for Victoria’s Secret in India over the next few years, and which levers will drive this expansion?

Apparel Group India identifies Victoria’s Secret as a high-priority growth engine, projecting sustained double-digit expansion over the next three to five years. This trajectory will be driven by an aggressive scaling of our physical footprint into new geographic clusters, alongside the strategic diversification of our portfolio through the expansion of Beauty, Home Fragrance, and PINK.

Simultaneously, we are prioritising digital acceleration to enhance our e-commerce capabilities, ensuring our reach extends to every pin code in India. Ultimately, this projected growth serves as a testament to the powerful synergy between Victoria’s Secret as a world-class brand and Apparel Group’s local operational excellence.