- Simone Preuss |
PVH Corporation, owner of brands such as Calvin Klein, Tommy Hilfiger, Izod and others, announced on Friday that it is planning to buy direct-to-consumer bra start-up True&Co. Acquiring the e-commerce company will allow PVH to use the online channel for e-sales as well as platform innovations and big data analytis to serve consumers better across channels. The terms of the transaction were not disclosed.
"Today's announcement illustrates our commitment to driving innovation across our business and demonstrates our commitment to making strategic investments in our digital platforms to support our long-term growth initiatives. We believe that we can leverage the analytics tools of this data-driven company, while leveraging PVH's intimates category expertise, including global brand management, product know-how and supply chain," commented Emanuel Chirico, chairman and chief executive officer of PVH Corporation.
"Five years ago, I founded True&Co. to change the way women shop for intimate apparel. In PVH, we have a strategic partner who can help us bring this change to as many customers as possible. We look forward to joining PVH's portfolio of brands and to help drive growth initiatives for PVH's other brands," said Michelle Lam, co-founder of True&Co.
Lam founded the San Francisco-based company in 2012 together with designer Nikki Dekker. The idea was to change the way women shop online by redesigning the art of bra shopping. For that purpose, the company used a proprietary fit quiz to recommend bras and other intimates. By now, more than five million women have taken this quiz and contributed to specific, consumer-centric data.
The acquisition should bolster the portfolio of current PVH brands like Calvin Klein that have an extensive line of underwear while True&Co. can tap into existing customer bases and create True-like experiences for PVH brands.Photo: True&Co.