Lingerie company ThirdLove just got a huge boost — and Victoria’s Secret should be nervous.
The company just raised $8 million in Series A funding, Tech Crunch has reported, and one of the investors is Lori Greeley, Victoria’s Secret’s former CEO. Another investor is Laurie Ann Goldman, former CEO of Spanx.
ThirdLove says it wants to sell bras that actually fit customers. ThirdLove has an app that helps users find the perfect bra size with just a photo.
“ThirdLove is breaking through industry norms to create bras that simply are a better fit and more comfortable throughout the day than what women currently have in their lingerie drawers,” Greeley said to Tech Crunch. “With the 24/7 collection in particular, they are capturing what real women expect from a modern wardrobe — style and function.”
Tech Crunch notes that the company, which was founded in 2013, uses this data to help make better-fitting bras, in general. The company’s website celebrates its half-sizes, and points out that the bras focus on shape rather than just size.
“We are the only company that has this data set,” co-founder Heidi Zak said to Tech Crunch.
ThirdLove is also trying to bridge the gap between sexiness and comfort.
Victoria’s Secret is often singled out for its sexy bras. Companies like Negative Underwear have emerged to offer more utilitarian intimate apparel without a spectator sport feel. ThirdLove ostensibly seems to want to do both.
“You have, very broadly speaking, two categories with bras. There’s comfort, which I wear because it supports me, but I really hope that someone doesn’t necessarily see me if I have it on,” Zak said to Fashionista. “Then you have the sexy bra, which is gorgeous and lacy, but it definitely collects dust. It can be itchy, and doesn’t provide a great shape. There aren’t a lot of brands that do both.”
Victoria’s Secret still holds the 61.8% of the lingerie market share, according to IBIS World. That means that any smaller lingerie company would need to make a major dent in the market to turn that around.
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