Market Research firm Ibis World reported that the $13.2 billion lingerie industry is growing at an annual rate of 3.8 percent. But Victoria's Secret, the largest American retailer of lingerie, continues to dominate the runway. L Brands, the parent company of Victoria's Secret, reported net sales of $2.207 billion for its December 2014 sales alone.
During the Power Pitch, Kalghatgi asked how the Adore Me quality compares to Victoria's Secret.
"We go direct to customer. We don't use department stores. We have all the reason in the world to give the value that we save back to the customer. And that's why we manage to have a product, which is similar quality to all these great brands, but a fraction of the price. And I think this is what really resonates, with any woman, that try the product," Hermand-Waiche responded.
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But Adore Me faces other competitors in the lingerie start-up space. True & Co, which claims to help customers find their "perfect bra," has already raised approximately $6 million in funding. Existing sites include U.K.-based Figleaves, and lingerie subscription service BlushBox.
So far Adore Me has raised $11.5M in funds from key investors, including Upfront Ventures, RedHills Ventures and Mousse Partners, and has sold over 900 designs since coming online. The start-up is headquartered in New York City with 47 full-time employees. Hermand-Waiche would not disclose any financials regarding sales or profitability, but he did tell CNBC that the company hit $5.6M in revenue in 2013.