Phillips Van Heusen (PVH), which is the owner of Kalvin Clein, just bought bra startup True&Co. No details yet on the agreed price of the deal.
News articles by Tech Crunch and Business Wire stated that True&Co. has been sold to PVH, which owns brands like Calvin Klein and Tommy Hilfiger. True&Co. is not just known for making the "most comfortably bra ever" but also for making the first bra quiz that allows them to suggest styles, sizes, and the perfect fit for its customers.
When asked about the sale, True&Co. CEO Michelle Lam told Tech Crunch that it was an amazing day for the firm. There is not detail on the negotiated price but a spokesperson revealed that the brand would remain, writes Tech Crunch.
Michelle Lam also added that through PVH, the brand will be able to change the way women shop bras even more, reports Business Wire.
According to the news article, Emanuel Chirico, PVH CEO and Chairman, stated that the sale says much about the firm's interest and commitment to reach long-term goals and innovate. Moving towards more digital platforms would contribute to that endeavor.
The bra startup has a reported $13 million raised from its investors, writes Tech Crunch. It adds that its source shared that the investors got their money back.
True&Co.'s strategy uses a "Fit Quiz" to help customers find the perfect bra. The quiz itself is based on questions about the bra brands women use, the types of bras, the problems they encounter, and the type of breasts they have.
Once the quiz is completed, the website sends customers five ranges of bras that they think they will appreciate. Bras that do not pass the customers' standards and fit are sent back, and only those that do are paid for.
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