Bengaluru-based online lingerie retailer Zivame has pivoted to a private label business in a bid to improve its margins and thereby boost its revenues.
Zivame was founded in 2011 by Richa Kar as an aggregator of lingerie brands. As per a note on the company’s website, Zivame has rebranded its three private labels — Penny, Cou Cou, and Rosaline into Zivame.
The move comes at a time when Zivame is concentrating on its offline expansion. The company had set up offline experience stores in three cities and had plans to scale up to 50 such customer touch points by next year, Kar had told ET in July.
Related Article: Zodius Capital Increases Its Stake In Zivame To 45%
Zivame has so far raised about $50 Mn from investors including Unilazer Ventures, IDG Ventures India, Kalaari Capital, Ratan Tata, Zodius Technology Fund, and Khazanah Nasional Bhd. In September last year, Zivame raised $38 Mn (INR 250 Cr) Series C round.
According to Research and Markets, the online lingerie market in India is expected to grow at a CAGR of 42.32% from 2014-2019. The lingerie retail market in India is estimated to be around $2.26Bn (INR 15,000 Cr).
Other players dealing exclusively in the online lingerie space include Clovia, Cilory, Shyaway, and Buttercups.
This development was reported by ET.