Thirdlove, An Internet Underwear Brand Calling For A $55 Million Investment

The US internet underwear brand ThirdLove has invested $55 million.

The world's largest consumer goods investment fund L Catterton, boutique investment bank Allen & Company, the famous female angel investor, genetic testing company 23andMe's co-founder and CEO Anne Wojcicki and her sister YouTube chief executive officer Susan Wojcicki, Allen & amp; general manager, such as a group of female individual investors participated in the investment.

In addition, Oath and AOL Tim's former CEO Armstrong, Alibaba's former chairman Michael Zeisser, Vc firm Felicis Ventures and Valor Equity also took part in the investment.

ThirdLove was founded by Google's two former executives in 2013. The brand is very focused on diversity and inclusiveness.

ThirdLove currently offers 78 different sizes of bra, cup size AA~I, and a unique half size cup bra. The brand positioning is able to meet the needs of women of different shapes and sizes.

ThirdLove said that the company did not seek new financing, but will use the new funds to help the company expand, including continue to expand the size, style, products and technology, to provide more women with ThirdLove underwear.

ThirdLove co founder and chief executive officer Heidi Zak said: "this new investment will enable us to continue to fulfill the mission of ThirdLove: designing bra for every woman.

We will be more committed to providing the right choices for all women.

ThirdLove hopes to convey the brand meaning of "love oneself and more confidence" to women through rich product categories, and challenge the tradition of women's slim and perfect body in the underwear industry.

At present, ThirdLove has more than 350 employees, and is regarded as a strong competitor of Victoria (s) Secret (hereinafter referred to as "Victoria").

Although the company is still dominant in the underwear market, it is losing customer stickiness recently.

What's interesting is that Lori Greeley, a former chief executive of ThirdLove, is also one of ThirdLove's investors. She commented: "ThirdLove breaks the Convention of underwear industry and designs the concept of wearing comfortable fit. It really meets the needs of modern women for fashion and functionality of bra."

Last November, Ed Razek, the chief marketing officer, published controversial remarks on big code models and pgender models. ThirdLove used a full page of New York Times to attack his remarks in an open letter.

Previously, ThirdLove won $5 million 600 thousand in seed rounds in 2013 and was awarded $8 million in A round in 2016.

About L Catterton

In 2016, LVMH announced the merger of its private equity and real estate investment agency L Capital and Catterton of the United States private equity firm Catterton to form L Catterton, which is the world's largest consumer goods investment company. Up to now, L Catterton has completed more than 160 investments in the world, with a total investment of over $15 billion, focusing on the consumer sector, covering fashion accessories, food and beverage, retail and catering, consumer health, media and marketing services, and real estate projects.

At present, L Catterton is investing in the world through 6 major platforms, namely, L Catterton Flagship Buyout (investing in 50 million to 400 million USD medium scale enterprises in North America and Europe), L Catterton North American Growth (for 10 million to US $50 million in North America, investing in medium sized enterprises in North America), investment in the medium scale enterprises from 40 million to 75 million US dollars in Latin America, investment in medium sized enterprises from 25 million euro to 75 million euro in Western Europe, investment in medium sized enterprises in Asia, 50 million dollar to 150 million dollar, and investment in large and comprehensive projects based on luxury retail.

About Allen & Company

Allen & Company, founded in 1922 by Charles Robert Allen and Jr., is a boutique investment bank in Fifth Avenue, New York. It focuses on investment and advisory services in real estate, technology, media and entertainment industries.