Most Innovative CompanyFor some women, online shopping does not compare to the real-life experience of visiting a store — mostly because it contains the risk of ordering something that might not fit. In the end, ThirdLove was better equipped to fulfill its long-term commitment to providing better bras to women everywhere, increasing ARPU by 23%, generating a 3% uplift in conversions, and improving Fit Finder quiz completion rate by 75% for some audiences.
The tense rivalry between the companies escalated when ThirdLove ran a full-page ad in The New York Times in November 2018, presented as An Open Letter to Victoria's Secret,” that called out L Brands CMO Ed Razek for demeaning” comments he made about plus-size and transgender models in an interview with Vogue.
Yet this past April, its parent company, L Brands, was downgraded from "stable" to "negative" by Moody's Investors Service due to "deteriorating operating margins and negative comparable store sales at Victoria's Secret for the past 10 quarters." The downgrade came after a smattering of negative stories about the leading lingerie company and the retailer's apparent reluctance to back away from an oversexualized image.
Compare that to the in-store experience of the cold bright dressing room,” Cohen says, with a stranger measuring you, poking and prodding you.” ThirdLove uses that data to recommend the best size and style for purchase — and, ultimately, to create better products for all its customers.
After tapping Dynamic Yield for access to its powerful personalization platform, the team at ThirdLove began taking a more tailored approach to its customer journey, with experiments resulting in a number of dramatic performance improvements, including a 23% increase in ARPU, 6% uplift in homepage hero banner CTR, and 75% improvement in completion rate for its Fit Finder quiz for first time visitors.
In the midst of his many incendiary comments objectifying women and essentially describing the brand and the fashion show as a male fantasy, Razek also seemed to single out the upstart lingerie brand ThirdLove—dismissively—as the counterpoint to Victoria's Secret.
Provider of lingerie and underwear designed to offer the perfect fit for every company's lingerie comes in 78 sizes which are 40 more than traditional brands, enabling women of every shape to get their desired underwear size that are free from lousyness and bad fits.
When they arrived, they were surprised to find Heidi Zak's husband and co-CEO, David Spector, highly involved in their day-to-day work, with a management style described as condescending” and bullying.” This about-face was compounded by company norms — don't negotiate your salary, don't leave before 6 pm, don't work from home, don't skip a happy hour — that felt out of sync with the brand's external image.
The fiercely worded letter ran as a full-page ad in the New York Times on Sunday, November 18, and took direct aim at Victoria's Secret. Working on a hunch that other women probably faced similar issues when it came to bra fitting, Zak hired lingerie designer Ra'el Cohen (now Chief Creative Officer at ThirdLove) to conduct research into bras and the women who wear them.
Pink was once a bright spot within L Brands but lately has watched its same-store sales growth wane. Customers can come into the store for a real-life bra fitting with its Fit Stylists,” and all of ThirdLove's 78 sizes will be available to try on in the store.