810
4 days ago
Can Zivame Sway India’s $7 Bn Lingerie Market Once Again In The Era Of New-Age Brands?
Summary
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
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Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
Launched in 2011 by Richa Kar and Kapil Karekar, Zivame helped normalise online lingerie shopping in India by offering privacy, wider choice and sizing guidance in a market dominated by unorganised retail
The company evolved from an online aggregator to a private-label-led brand and omnichannel retailer, expanding into physical stores to address fit and comfort concerns
Backed by Reliance Retail since 2020, Zivame is betting on omnichannel retail, private labels and expansion into tier II and III cities to drive future growth
In the early 2010s, lingerie shopping in India barely existed as a recognised, organised, and marketed product segment or a standalone category in retail. And online retail was an even harder code to crack.
Lingerie, underwear and innerwear were treated as a functional purchase that was often hidden away in the back corners of multi-brand apparel stores. Choices were limited, sizing guidance was inconsistent, and the experience itself was often uncomfortable.
It was in this environment that Richa Kar and Kapil Karekar launched Zivame, a D2C lingerie brand, in 2011. The vision was to help women shop for intimate wear uninhibitedly. The story is well known by now: move lingerie shopping online and offer women privacy, variety and information that traditional retail environments didn’t.
Stocking products by brands such as Enamor, Amante and Jockey, Zivame began as a marketplace when ecommerce was just gaining traction. For the first time, Indian consumers could access a broad catalogue of styles, sizes and price points without the social discomfort of in-store purchases.
When Zivame launched, India’s lingerie market was dominated by unorganised retail. A handful of large players, such as Jockey and Enamor, commanded strong brand recognition, but the overall category lacked the diversity and sophistication compared to the West.
Ecommerce presented an opportunity to change it.
Zivame’s early platform aggregated multiple brands and created an online destination focused exclusively on innerwear. The company invested heavily in product catalogues, sizing guides and educational content to help customers navigate a category that many found confusing.
The model offered two advantages:
As ecommerce adoption gained momentum in India, Zivame’s customer base expanded steadily. The founders realised that operating purely as a marketplace was limiting its ability to shape the category.
As the marketplace gained traction, customers complained about recurring gaps in product availability, sizing consistency and price segmentation. This is because many international lingerie brands sold in India were catering to Western body types and fashion preferences.
The insight led Zivame to experiment with its own product lines.
Beginning in 2013, the company launched a series of private labels, designed specifically for Indian consumers. By 2016, these in-house brands had become central to the business. It transformed Zivame from a retailer into a product-led brand.
Design teams began developing bras, sleepwear, shapewear and athleisure, tailored to Indian sizing requirements and lifestyle preferences. The company also experimented with a wider range of styles and fabrics than what were available in multi-brand stores.
Private labels allowed Zivame to control pricing and margins more effectively while strengthening brand loyalty.
Although Zivame began as a digital-first company, the team eventually recognised that lingerie retail posed unique challenges for online-only platforms. Fit and comfort are central to innerwear purchases, and many consumers prefer to try products before buying.
Therefore, Zivame opened its first physical store in 2015. What started as an experiment quickly evolved into a key growth channel.
Today, the brand operates more than 170 stores across India, located in malls and high-street retail districts. These stores function not only as sales outlets but also as educational spaces where customers can receive personalised fitting advice. “
Offline plays a huge role because there is a lot of education required in this category,” Zivame’s COO Kiruba Devi told Inc42.
Within these stores, trained advisors help customers understand sizing, explore product categories and discover styles suited to their needs. The company has also integrated technology into the experience. One such innovation is a digital sizing system that simplifies bra fitting.
“We have a proprietary tool called Fitcode. Without measurements, customers answer about ten questions, and it suggests the right bra size,” she added
In 2020, Reliance Retail acquired Zivame for around $16 Mn. For Reliance, the move reflected a growing belief that intimate wear represented a significant but underserved segment of India’s fashion industry.
While categories like western apparel and footwear had seen aggressive brand-building over the previous decade, lingerie remained fragmented, with relatively few strong national brands.
Zivame offered a ready-made platform to enter that space. The startup already had strong brand recall, a growing portfolio of private labels, and an omnichannel retail presence that extended beyond ecommerce.
For Zivame, joining Reliance unlocked something equally valuable: scale.
Reliance’s retail infrastructure spans thousands of stores across the country, alongside supply chains capable of supporting rapid expansion. The backing of such a network allowed Zivame to accelerate its physical retail footprint while expanding its presence across multiple distribution channels.
Today, the brand operates within a broader retail ecosystem that combines digital commerce, department stores, franchise outlets and marketplace partnerships.
“We have our stores, we have our dot-com, we are present in all the marketplaces, and we are present at Reliance counters. We have a very balanced channel mix because we want to be available at all the touchpoints where the consumer is,” said Devi.
The backing of a large conglomerate has also reduced capital constraints for expansion. After the Reliance acquisition, Zivame no longer needs to independently raise capital for new growth initiatives.
The Reliance acquisition marked the beginning of a new chapter for the company, but the foundations of Zivame’s business were laid much earlier.
India’s lingerie market has expanded significantly over the past decade. Industry estimates now place the organised segment at over $6-7 Bn, with continued growth expected as disposable incomes rise and fashion awareness spreads beyond metropolitan centres. Zivame’s expansion strategy focuses on these emerging markets.
While the brand established itself in major cities during its early years, the next wave of growth is expected to come from tier-two and tier-three cities, where lingerie retail options remain relatively limited.
To reach these markets, the company is adopting a franchise-led expansion model that allows local entrepreneurs to operate Zivame stores while benefiting from the brand’s supply chains and merchandising systems.
“The only initiative that we will be focusing on is going into tier II and III cities through a franchise model,” Devi said.
Many of Zivame’s most profitable outlets today are located at high-footfall malls and established shopping districts in cities such as Bengaluru, Mumbai and Hyderabad. These stores benefit from strong brand recognition and repeat customers.
Competition has intensified in this space. Brands such as Clovia, Enamor and Jockey International have expanded their presence in both online and offline retail. Fashion platforms, including Nykaa Fashion and Myntra, have also strengthened their innerwear assortments. At the same time, international lingerie brands are increasingly eyeing India as a high-growth market.
The rising competition in the space has impacted the brand’s top line. Zivame reported a decline in its revenue from operations in FY25, which stood at INR 164.7 Cr, compared to INR 191.7 Cr in FY24. The company, however, has reduced its losses to INR 15.7 Cr in FY25 from INR 39.4 Cr a year ago.
Its total expenses also dropped to INR 180.3 Cr in FY25 from INR 234.5 Cr in FY24, reflecting its ongoing efforts to streamline operations and move closer to profitability. While Zivame has not officially disclosed its FY26 financials yet, Devi said the brand has recorded 12% revenue growth so far in FY26.
Building on this, Zivame is targeting an aggressive 40% revenue growth in the coming year, driven by its omnichannel strategy and deeper retail expansion.
For Zivame, the next phase of growth will revolve around strengthening its private label portfolio, expanding physical retail presence and leveraging the infrastructure of Reliance’s broader ecosystem.
Reliance’s backing offers something that only a few independent startups have access to — a nationwide retail network, logistics capabilities and access to millions of customers across multiple platforms.
For now, the brand is positioning itself to capture the next wave of growth as India’s organised lingerie market continues to expand beyond metros. Can it unlock the full potential of India’s fast-growing lingerie market, as competition intensifies and new brands enter the category?
[Edited by Shishir Parasher]
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ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
Stay ahead with the latest news, funding, startup financials, & governments policies on the hottest tech industries in the Indian startup ecosystem.
Get featured, partner or work with India's #1 startup media & intelligence platform and explore what else Inc42 has to offer.
D2CX by Inc42 is a 12-week hands-on program to help you level up your D2C game. Learn from India's top 1% D2C founders and experts through actionable insights, proven strategies and tactics on how to 10X your D2C brand.
ManagementX by Inc42 – India’s first Startup Management Program is a 6-month hands-on program that will take you on an intense journey that shatters the outdated “employee mindset” and equips you with the “leader mindset”.
D2CX Foundations by Inc42 is a 6 week hands-on program to help you launch your D2C brand successfully and profitably. Learn from India’s top 1% of D2C founders & experts through actionable insights, proven strategies and tactics on how to launch a successful D2C Brand in 6 weeks.
Launched in 2011 by Richa Kar and Kapil Karekar, Zivame helped normalise online lingerie shopping in India by offering privacy, wider choice and sizing guidance in a market dominated by unorganised retail
The company evolved from an online aggregator to a private-label-led brand and omnichannel retailer, expanding into physical stores to address fit and comfort concerns
Backed by Reliance Retail since 2020, Zivame is betting on omnichannel retail, private labels and expansion into tier II and III cities to drive future growth
In the early 2010s, lingerie shopping in India barely existed as a recognised, organised, and marketed product segment or a standalone category in retail. And online retail was an even harder code to crack.
Lingerie, underwear and innerwear were treated as a functional purchase that was often hidden away in the back corners of multi-brand apparel stores. Choices were limited, sizing guidance was inconsistent, and the experience itself was often uncomfortable.
It was in this environment that Richa Kar and Kapil Karekar launched Zivame, a D2C lingerie brand, in 2011. The vision was to help women shop for intimate wear uninhibitedly. The story is well known by now: move lingerie shopping online and offer women privacy, variety and information that traditional retail environments didn’t.
Stocking products by brands such as Enamor, Amante and Jockey, Zivame began as a marketplace when ecommerce was just gaining traction. For the first time, Indian consumers could access a broad catalogue of styles, sizes and price points without the social discomfort of in-store purchases.
When Zivame launched, India’s lingerie market was dominated by unorganised retail. A handful of large players, such as Jockey and Enamor, commanded strong brand recognition, but the overall category lacked the diversity and sophistication compared to the West.
Ecommerce presented an opportunity to change it.
Zivame’s early platform aggregated multiple brands and created an online destination focused exclusively on innerwear. The company invested heavily in product catalogues, sizing guides and educational content to help customers navigate a category that many found confusing.
The model offered two advantages:
As ecommerce adoption gained momentum in India, Zivame’s customer base expanded steadily. The founders realised that operating purely as a marketplace was limiting its ability to shape the category.
As the marketplace gained traction, customers complained about recurring gaps in product availability, sizing consistency and price segmentation. This is because many international lingerie brands sold in India were catering to Western body types and fashion preferences.
The insight led Zivame to experiment with its own product lines.
Beginning in 2013, the company launched a series of private labels, designed specifically for Indian consumers. By 2016, these in-house brands had become central to the business. It transformed Zivame from a retailer into a product-led brand.
Design teams began developing bras, sleepwear, shapewear and athleisure, tailored to Indian sizing requirements and lifestyle preferences. The company also experimented with a wider range of styles and fabrics than what were available in multi-brand stores.
Private labels allowed Zivame to control pricing and margins more effectively while strengthening brand loyalty.
Although Zivame began as a digital-first company, the team eventually recognised that lingerie retail posed unique challenges for online-only platforms. Fit and comfort are central to innerwear purchases, and many consumers prefer to try products before buying.
Therefore, Zivame opened its first physical store in 2015. What started as an experiment quickly evolved into a key growth channel.
Today, the brand operates more than 170 stores across India, located in malls and high-street retail districts. These stores function not only as sales outlets but also as educational spaces where customers can receive personalised fitting advice. “
Offline plays a huge role because there is a lot of education required in this category,” Zivame’s COO Kiruba Devi told Inc42.
Within these stores, trained advisors help customers understand sizing, explore product categories and discover styles suited to their needs. The company has also integrated technology into the experience. One such innovation is a digital sizing system that simplifies bra fitting.
“We have a proprietary tool called Fitcode. Without measurements, customers answer about ten questions, and it suggests the right bra size,” she added
In 2020, Reliance Retail acquired Zivame for around $16 Mn. For Reliance, the move reflected a growing belief that intimate wear represented a significant but underserved segment of India’s fashion industry.
While categories like western apparel and footwear had seen aggressive brand-building over the previous decade, lingerie remained fragmented, with relatively few strong national brands.
Zivame offered a ready-made platform to enter that space. The startup already had strong brand recall, a growing portfolio of private labels, and an omnichannel retail presence that extended beyond ecommerce.
For Zivame, joining Reliance unlocked something equally valuable: scale.
Reliance’s retail infrastructure spans thousands of stores across the country, alongside supply chains capable of supporting rapid expansion. The backing of such a network allowed Zivame to accelerate its physical retail footprint while expanding its presence across multiple distribution channels.
Today, the brand operates within a broader retail ecosystem that combines digital commerce, department stores, franchise outlets and marketplace partnerships.
“We have our stores, we have our dot-com, we are present in all the marketplaces, and we are present at Reliance counters. We have a very balanced channel mix because we want to be available at all the touchpoints where the consumer is,” said Devi.
The backing of a large conglomerate has also reduced capital constraints for expansion. After the Reliance acquisition, Zivame no longer needs to independently raise capital for new growth initiatives.
The Reliance acquisition marked the beginning of a new chapter for the company, but the foundations of Zivame’s business were laid much earlier.
India’s lingerie market has expanded significantly over the past decade. Industry estimates now place the organised segment at over $6-7 Bn, with continued growth expected as disposable incomes rise and fashion awareness spreads beyond metropolitan centres. Zivame’s expansion strategy focuses on these emerging markets.
While the brand established itself in major cities during its early years, the next wave of growth is expected to come from tier-two and tier-three cities, where lingerie retail options remain relatively limited.
To reach these markets, the company is adopting a franchise-led expansion model that allows local entrepreneurs to operate Zivame stores while benefiting from the brand’s supply chains and merchandising systems.
“The only initiative that we will be focusing on is going into tier II and III cities through a franchise model,” Devi said.
Many of Zivame’s most profitable outlets today are located at high-footfall malls and established shopping districts in cities such as Bengaluru, Mumbai and Hyderabad. These stores benefit from strong brand recognition and repeat customers.
Competition has intensified in this space. Brands such as Clovia, Enamor and Jockey International have expanded their presence in both online and offline retail. Fashion platforms, including Nykaa Fashion and Myntra, have also strengthened their innerwear assortments. At the same time, international lingerie brands are increasingly eyeing India as a high-growth market.
The rising competition in the space has impacted the brand’s top line. Zivame reported a decline in its revenue from operations in FY25, which stood at INR 164.7 Cr, compared to INR 191.7 Cr in FY24. The company, however, has reduced its losses to INR 15.7 Cr in FY25 from INR 39.4 Cr a year ago.
Its total expenses also dropped to INR 180.3 Cr in FY25 from INR 234.5 Cr in FY24, reflecting its ongoing efforts to streamline operations and move closer to profitability. While Zivame has not officially disclosed its FY26 financials yet, Devi said the brand has recorded 12% revenue growth so far in FY26.
Building on this, Zivame is targeting an aggressive 40% revenue growth in the coming year, driven by its omnichannel strategy and deeper retail expansion.
For Zivame, the next phase of growth will revolve around strengthening its private label portfolio, expanding physical retail presence and leveraging the infrastructure of Reliance’s broader ecosystem.
Reliance’s backing offers something that only a few independent startups have access to — a nationwide retail network, logistics capabilities and access to millions of customers across multiple platforms.
For now, the brand is positioning itself to capture the next wave of growth as India’s organised lingerie market continues to expand beyond metros. Can it unlock the full potential of India’s fast-growing lingerie market, as competition intensifies and new brands enter the category?
[Edited by Shishir Parasher]
Unlock special offers and join 10,000+ founders, investors & operators staying ahead in India’s startup economy.
Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the
hottest startup deals, supercharge your innovation projects, and stay updated with expert
curation.
Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn
to validate ideas, acquire customers, secure funding, and navigate the journey to startup
success.
Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence,
understand market landscapes, and decode emerging trends to make informed decisions.
Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful
investors, and keep track of upcoming funds, accelerators, and more.
Join a community of 10,000+ leaders & operators – unlock unlimited access to Inc42 stories,
videos, deals, member-only perks, and more.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Unlock unlimited access to 500+ monthly new stories and Inc42’s complete archive of
40,000+ stories.
Over $250,000 worth deals on software & tools to help your business scale up.
Network with industry leaders & operators with exclusive invites to Inc42’s
member-only virtual events
Enjoy an ad-free and clutter-free
experience as a member, focus on
what really matters to you
Your contribution will go on to
support and empower our unbiased
& data-driven journalism
Join 1000's of entrepreneurs, business leaders & makers and stay ahead with our sharp,
incisive & data-driven analysis on India’s tech and startup economy!
Unlock personalised stories, ad-lite reading, and exclusive newsletters on Inc42.
Tired Of Playing Catchup On Indian Tech?
Stay Ahead. Every Morning at 8
Get The Week’s Most Consequential Developments.
Inc42 In-Depth is your daily 9 PM newsletter with sharp insights from India’s startup economy.
Inc42 Moneyball is your Thursday newsletter on India’s venture capital trends. 4 PM sharp.
Inc42 Markets is your weekly newsletter on tech IPOs & startup stocks. Every Sunday
get access to a list of 200+ family offices betting big on startups
Get access to a list of Alma Mater Of India's Unicorn & Soonicorn Founders
Explore 75,000+ startups, 3,500+ investors, 25,000+ funding rounds and more. Build shortlists and export them instantly.
Login or create a free account to continue reading in private mode.
AI Description
The article discusses Zivame's strategy to capture a significant share of India's $7 billion lingerie market amidst competition from new-age brands. It highlights Zivame's ambitious revenue growth targets and its omnichannel approach.