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BFD Expert Voices - Retail Deals

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Intimates brand ThirdLove has begun to consider a sale to a strategic or a private equity firm, in addition to other M&A opportunities, co-founder and CEO Heidi Zak tells Axios.

Why it matters: The brand had its hands full between the challenges of operating during COVID-19 and then launching a new line of activewear products last fall to help drive the next stage of growth.

Between the lines: "We have a lot of value a lot of brands and companies don’t have," Zak said, emphasizing the company's DTC capabilities.

And that will factor into ThirdLove finding the right partner, she said.

More immediately, the company is focused on building out its physical store operations, Zak said.

Already the company has opened two stores and plans to open another two in San Francisco and Walnut Creek, giving it four locations in California.

It then plans to open another four to six stores by the end of the year, giving the brand between eight and 10 stores in all — a mix of urban and suburban locations.

What they did: When the brand first studied how a physical store might fit into its strategy, ThirdLove thought of it as an extension of the way it sold goods online with a focus on technology.

The trial pop-up also only had two styles for sale, Zak noted.

What they learned: But they found that women didn't really want to interact with the technology, preferring a human stylist instead.

Details: While ThirdLove's Fit Finder technology, an online tool that uses machine learning to help customers find their size, has proved popular, there is still a portion of the population that likes to try things on.

"Some women really want that physical try-on experience with the bra," Zak said. And a store "gives current customers a way to get to know the product better," she pointed out.

Plus, conversion rates in a physical store are higher, with 70% of shoppers purchasing something if they try it on first.

ThirdLove opens stores, open to partner

More immediately, the intimates brand is focused on building out its physical store operations.

ThirdLove co-founders, and husband and wife, David Spector and Heidi Zak. Photo: Jared Siskin/Patrick McMullan via Getty Images. 

Retail

Intimates brand ThirdLove has begun to consider a sale to a strategic or a private equity firm, in addition to other M&amp;A opportunities, co-founder and CEO Heidi Zak tells Axios.Why it matters: The brand had its hands full between the challenges of operating during COVID-19 and then launching a new line of activewear products last fall to help drive the next stage of growth.

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ThirdLove opens stores, open to partner

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