Startups that work with the direct-to-consumer model have been at the top of growth charts in the e-commerce world. These startups leverage the internet to engage with their customers and sell directly to them, thus eliminating intermediaries and third-party market places. ThirdLove is a lingerie startup that operates with this model. They have received a massive round of funding that will allow them to take their business operations to the next level.
ThirdLove started by making bras, designed to serve a wide range of women with different sizes and shapes. They have now extended their scope to a variety of underwear and lingerie. Technology has significantly contributed to the growth of the company. Through their abled data science and design teams, which are led by women, ThirdLove was able to develop a technology that suggests various products to women in their right sizes. It is done using a smartphone camera. Through their impressive portfolio, third love has managed to raise $55 million in funding. View more on Youtube.
David Spector and Heidi Zak, both co-founders and co-CEOs of the company, said the money would be used to add more sizes to the 78 that the company already offers. They also look forward to growing their operations into international markets and the retail sectors. The company also wishes to expand their categories into areas such as athletic and swimwear.
The generous funding has raised the value of ThirdLove to over $750 million. The company currently generates over $100 million in annual revenues. Their Fit Finder technology, an online tool that helps women determine their right bra size, has benefited over 12 million women. The company has managed to successfully leverage the growth of smartphone usage, along with the evolution of the garment manufacturing industry. This funding will be put into building the strategy of the company. Source: https://twitter.com/ThirdLove
