Earlier this month, a press release hit the inbox of most tech journalists in India. It exuded enthusiasm. One of India’s more popular lingerie brands, Zivame would now have a new CEO. Shaleen Sinha, who earlier was the COO, will head the company. Sumeet Yadav, earlier the CEO of Nando’s India chapter, will take over as the new executive chairman. Nando’s is a South Africa-based casual dining restaurant chain.
Third time’s the charm?
Chaos in Zivame as investors look for the right fit
There have been three changes in management and two pivots in the business model at the lingerie startup over the last eight months
Lingerie as a market is valued at $3 billion (Rs 19,000 crore). A very small part of it is online, but it is set to grow at a CAGR of 42%
The revenue of Zivame is the highest among its competitors. As of FY16, Zivame has made Rs 62 crore, Clovia has earned Rs 43 crore, and PrettySecrets has clocked a revenue of Rs 96 lakh
In late 2015, Richa Kar, co-founder, Zivame has an idea. Wanting Zivame to be India’s answer to Victoria’s Secret, she opens an experience store in Indiranagar
In February 2017, Kar is asked to step aside and her COO along with an investor take control of the company